BERWYN, Pa., May 19, 2017 /PRNewswire/ -- RM LAW, P.C.
announces that a class action lawsuit has been filed on behalf of
all persons or entities that purchased Snap, Inc. ("Snap" or the
"Company") (NYSE: SNAP) common stock (i) issued pursuant and/or
traceable to Snap's initial public offering ("IPO") on or about
March 2, 2017; and (ii) on the open
market between March 2, 2017 and
May 15, 2017, inclusive (the "Class
Period").
Snap shareholders may, no later than July
17, 2017, move the Court for appointment as a lead plaintiff
of the Class. If you purchased shares of Snap and would like
to learn more about these claims or if you wish to discuss these
matters and have any questions concerning this announcement or your
rights, contact Richard A. Maniskas,
Esquire toll-free at (844) 291-9299 or to sign up online,
visit: www.maniskas.com/case/snap.
Snap provides technology and social media services, and is the
parent company of the popular Snapchat mobile application.
Snap completed its IPO on or around March 2,
2017, selling 230 million shares of stock to investors at
$17.00 per share for gross proceeds
of $3.91 billion.
The complaint alleges that Snap made a series of materially
false and misleading statements to investors about the Company's
reported user growth. As further detailed in the complaint,
on May 10, 2017, Snap issued its
first quarterly report as a public company, and disclosed
disappointing user growth (the slowest year-to-year growth rate in
at least two years) at the Company's Snapchat messaging
platform. Following this news, shares of the Company's stock
fell $4.93 per share, or over 21%, to
close on May 11, 2017 at $18.05.
On May 16, 2017, Bloomberg
reported that a former Snap employee filed a lawsuit against Snap,
"claim[ing] he was fired after three weeks on the job for raising
questions about allegedly false growth metrics [and] seeking
whistleblower protection against retaliation by [the] company."
If you are a member of the class, you may, no later than
July 17, 2017, request that the Court
appoint you as lead plaintiff of the class. A lead plaintiff
is a representative party that acts on behalf of other class
members in directing the litigation. In order to be appointed
lead plaintiff, the Court must determine that the class member's
claim is typical of the claims of other class members, and that the
class member will adequately represent the class. Under
certain circumstances, one or more class members may together serve
as "lead plaintiff." Your ability to share in any recovery is
not, however, affected by the decision whether or not to serve as a
lead plaintiff. You may retain RM LAW, P.C. or other counsel
of your choice, to serve as your counsel in this action.
For more information regarding this, please contact RM LAW, P.C.
(Richard A. Maniskas, Esquire)
toll-free at (844) 291-9299 or by email at rm@maniskas.com or
visit: www.maniskas.com/case/snap. For more information about
class action cases in general or to learn more about RM LAW, P.C.
please visit our website: www.maniskas.com.
RM LAW, P.C. is a national shareholder litigation firm. RM
LAW, P.C. is devoted to protecting the interests of individual and
institutional investors in shareholder actions in state and federal
courts nationwide.
CONTACT:
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RM LAW,
P.C.
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Richard A.
Maniskas, Esquire
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1055 Westlakes
Dr., Ste. 3112
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Berwyn, PA
19312
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484-324-6800
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844-291-9299
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www.maniskas.com/case/snap
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rm@maniskas.com
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/rm-law-announces-class-action-lawsuit-against-snap-inc-300460967.html
SOURCE RM LAW, P.C.