Snap, Inc. Stock: Berger Montague Investigates Securities Fraud Allegations Against Snap, Inc. (NYSE: SNAP); Lead Plaintiff Deadline is January 10, 2022
PHILADELPHIA, December 15, 2021 – Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Snap, Inc. (“Snap” or the “Company”) (NYSE: SNAP) between July 22, 2020 and October 21, 2021 (the “Class Period”).
If you purchased Snap securities during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080, or visit: https://bergermontague.com/cases/berger-montague-investigates-securities-fraud-against-snap/.
Whistleblowers: Anyone with non-public information regarding Snap is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
In its filings with the U.S. Securities and Exchange Commission, Snap represents that it generates substantially all of its revenues from advertising on Snapchat and that it monetizes its business primarily through advertising based on its user data. In June 2020, Apple Inc. (“Apple”), which developed and maintains the popular mobile operating system, iOS, for its mobile devices, announced heightened data privacy features for iOS.
According to a recently filed lawsuit, following Apple’s announcement, Snap continuously downplayed the impact on its business of these new data privacy features would have on its business. In April 2021, Apple released the new data privacy features for iOS.
On October 22, 2021, Snap reported its Q3 2021 financials, disclosing weaker-than-expected revenue and guidance due to the impact on its advertising business of Apple’s new privacy features. According to CEO Evan Spiegel, “the new Apple-provided measurement solution did not scale as we had expected, making it more difficult for our advertising partners to measure and manage their ad campaigns for iOS.”
In response to this news, Snap’s stock price fell $19.97 per share, or 26%, to close at $55.14 per share on October 22, 2021.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.