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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Snap Inc. (SNAP)

December 27, 2021 GMT

LOS ANGELES, Dec. 27, 2021 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming January 10, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Snap Inc. (“Snap” or the “Company”) (NYSE: SNAP ) securities between July 22, 2020 and October 21, 2021, inclusive (the “Class Period”).

If you suffered a loss on your Snap investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/snap-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

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On October 21, 2021, Snap reported weaker-than-expected third quarter earnings due to Apple’s privacy update, revealing that the “changes have adversely affected our targeting, measurement, and optimization capabilities, and in turn affected our ability to measure the effectiveness of advertisements on our services.” The Company disclosed that demand for its advertising products had reduced, and thus, so had its prices, resulting in potential serious harm to its business.

On this news, Snap’s stock price fell $19.97, or 26.5%, to close at $55.14 per share on October 22, 2021, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose: (1) Apple’s privacy changes would have, and were having, a material impact on the Company’s advertising business; (2) Snap overstated its ability to transition its advertising with Apple’s privacy changes; (3) Snap knew of, but downplayed, the risks of the impact that Apple’s privacy changes had on the Company’s advertising business; (4) Snap overstated its commitment to privacy; and (5) as a result of the foregoing, defendants’ public statements and statements to journalists were materially false and/or misleading at all relevant times.

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If you purchased or otherwise acquired Snap securities during the Class Period, you may move the Court no later than January 10, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com