Chicago Clearing

Blogs

Snap, Parent Company of Snapchat, Settles Suit Over Allegations They Understated Competition
April 07, 2020

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.


Written By: Dennis O'Toole

I could go on and on, but bottom line, the fees being charged are much less than what I was spending in house to file and this is just one less thing I have to spend time trying to figure out how to complete on a consistent basis. Dealing with the CCC staff has been a very positive thing.

- National Bank

We were spending countless hours on class action claims before we signed on with CCC in January. Matt Murray and their technical team ensured our data transmission was seamless and secure. We found everyone at CCC to be professional, courteous, and accommodating.

- Savings Bank

Signing with CCC has made a huge difference. Before, it was horrible. We had to print thousands of pieces of paper, invite clients to come in and sit down with us to show them where to find the transactions, how to input them into the Proof of Claim forms. Now it's simple. It’s very nice to be able to tell our client, “You can shred that Proof of Claim form because CCC has it taken care of.

- Registered Investment Advisor

Your client reporting portal and customer service is the reason we chose Chicago Clearing. I send the data on an annual basis to CCC and they take it from there. My clients are protected (if there is a class action, it is getting filed), the Bank is protected (we are meeting our fiduciary obligation by filing the claims).

- Bank

Contact Us

404 South Wells St., Suite 600,
Chicago, IL 60607 – United States
Phone: (312) 204-6970
Email:
info@chicagoclearing.com

About Us

Chicago Clearing Corporation is the
industry leader in class-action services.

2024 © Chicago Clearing Corporation. All rights reserved. Terms and conditions