Snap Inc. (NYSE: SNAP)
Hagens Berman Sobol Shapiro LLP alerts investors in Snap Inc. (NYSE: SNAP) to the firm's investigation into possible securities law violations.
If you purchased or otherwise acquired securities of SNAP between February 6, 2018 and May 2, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more infomation contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing SNAP@hbsslaw.com.
On February 6, 2018, Snap reported its fourth quarter and full year 2017 results. During the earnings conference call with analysts that day, management made several positive statements about the Company’s Android users and the redesign of Snap’s application which was introduced in November 2017.
On May 1, 2018, Snap reported its first quarter 2018 results badly missing estimates and flat user growth. During the conference call with analysts that day, management stated, among other things, “Android performance is still a weakness for us” and “[o]ur redesign created some headwinds in our revenue this quarter by disrupting user behavior and creating some apprehension among our advertising partners.” Management, in part, blamed data it purportedly received in March.
This news drove the price of Snap shares down over $3.00, or over 21%, during intraday trading on May 2, 2018.
“We’re focused on investors’ losses and management’s potentially misleading statements during the February earnings conference call, and when management knew the materiality of the problems,” said Hagens Berman partner Reed Kathrein. “Even data it appears to have had available to it in January and February should have given them a clue to temper their statements.”
Whistleblowers: Persons with non-public information regarding Snap should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SNAP@hbsslaw.com.
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