PHILADELPHIA, Jan. 18, 2019 /PRNewswire/ -- The Goldman Scarlato & Penny, P.C. law firm, a national shareholder rights litigation firm, announces that a class action lawsuit has been filed against Snap, Inc. (''Snap'' or ''the Company'') (NYSE: SNAP) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
SNAP investors who purchased the Company's shares pursuant to and/or traceable to Snap's Initial Public Offering (''IPO'') on or about March 2, 2017, or on the open market between March 2, 2017, and August 10, 2017, are encouraged to contact the firm before January 31, 2019.
What SNAP Investors Should Do
If you are a SNAP investor who suffered a loss, contact investor rights lawyers Alan Rosca, Paul Scarlato, or Doug Bench of the Goldman Scarlato & Penny law firm at 484-342-0700, or via email at email@example.com, for a free, no-obligation evaluation of your legal options.
According to the Complaint, SNAP allegedly made false and misleading statements to the market and investors. Specifically, Snap's user growth as reported by the company to the market was allegedly false and materially misleading. SNAP was sued by a former employee who alleged he was terminated ''after three weeks on the job for raising questions about allegedly false growth metrics [and] seeking whistleblower protection against retaliation by [the] company.'' Based on these alleged facts, the Company's statements were false and materially misleading throughout the IPO and class period. When the market learned the truth about SNAP, the share price fell and investors suffered damages.
The proposed class of SNAP investors has not been certified at this time and until certification occurs you are not represented by an attorney, unless you choose to retain one.
The Goldman Scarlato & Penny investor rights lawyers represent investors across the country and around the world in securities class action lawsuits and shareholder rights litigation.
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SOURCE Goldman Scarlato & Penny, P.C.