NEW ORLEANS, Jan. 25, 2019 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until January 31, 2019 to file lead plaintiff applications in a securities class action lawsuit against Snap Inc. (NYSE: SNAP), if they purchased the Company's shares between March 2, 2017, and August 10, 2017, inclusive (the "Class Period") or traceable to its March 2, 2017 Initial Public Offering. This action is pending in the United States District Court for the Central District of California.
Snap investors should visit us at https://www.claimsfiler.com/cases/view.php?s2=nyse-snap or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Snap and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 10, 2017, Snap disclosed disappointing Q2 results including ongoing lower-than-expected growth in daily active users ("DAU"), a key user engagement metric. During the earnings conference call, the Company admitted to using "growth hacking" or sending push notifications to users to stoke their access levels, and hence boost user metrics.
On this news, the price of Snap's shares plummeted $1.94 per share, or approximately 14%.
The case is In Re Snap Inc. Securities Litigation, No. 2:17-cv-03679.
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