Quick facts about this settlement
Case name: Snap, Inc.
Settlement fund: $187.5 Million
Claim filing deadline: TBD
Class period: March 2, 2017 to August 10, 2017
Settlement notice packets will soon be hitting investors' mailboxes and inboxes for the $187.5 million Snap securities litigation. Parties announced the settlement earlier this year, and now the proposed order preliminarily approving the settlement is sitting on the judge's desk. All is in place, including the settlement website, which as of this writing says "This Website Coming Soon."
Plaintiffs launched their suit in July of 2017 alleging that Snap, the parent company of Snapchat, made materially misleading statements in their IPO by downplaying the competition they faced from Instagram. In fact, Instagram's "Stories" feature "siphoned" Snapchat's daily active users, plaintiffs claim, and when this fact was finally disclosed, Snap's stock stumbled from over $27 to under $12.
9-digit settlement recovery opportunities are always bits of welcome news, especially this year. This litigation is one of several such "megasettlements" for which Chicago Clearing Corporation is now either filing claims or preparing to file claims. To discuss this litigation or any of the upcoming, current, and even past-deadline recovery financial class action recovery opportunities, please call us at 312-204-6970.