NEW YORK, May 17, 2017 /PRNewswire/ -- Harwood
Feffer LLP (www.hfesq.com) is investigating potential claims
against the board of directors of Snap Inc. ("Snap" or the
"Company") (NYSE: SNAP), concerning whether the board has breached
its fiduciary duties to shareholders.
On March 3, 2017, Snap completed
its initial public offering, issuing 200 million shares of
stock. On May 10, 2017, the
Company issued its first earnings report since going public and
announced lower than expected user growth and a quarterly loss of
$2.2 billion. On this news,
Snap stock fell over 20%. A former employee has filed a
complaint against the company in which he alleges that improper
financial metrics were employed by Snap prior to its IPO.
Our investigation concerns whether the Company board of
directors has breached its fiduciary duties to shareholders,
grossly mismanaged the Company, and/or committed abuses of control
in connection with the foregoing.
If you own Snap shares and wish to discuss this matter with us,
or have any questions concerning your rights and interests with
regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212)935-7400
Email: bsachsmichaels@hfesq.com
Website: http://www.hfesq.com
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been
representing individual and institutional investors for many years,
serving as lead counsel in numerous cases in federal and state
courts. Please visit the Harwood Feffer LLP website
(http://www.hfesq.com) for more information about the
firm.
Attorney Advertising. The law firm responsible for this
advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results
do not guarantee or predict a similar outcome with respect to any
future matter.
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SOURCE Harwood Feffer LLP