Investigation in Progress — No Complaint Filed Yet
BG&G is actively investigating potential securities fraud claims against Snap, Inc.. If a complaint is filed, this page will be updated. Investors are encouraged to contact us now to preserve their rights.
Why Is Snap, Inc. (SNAP) Under Investigation?
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Snap, Inc. (“Snap” or “the Company”) (NYSE: SNAP). Investors who purchased Snap securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether Snap has violated federal securities laws.
What Potential Securities Violations Is BG&G Investigating?
On August 1, 2024, Snap announced its financial results for the second quarter of 2024, which included revenue of $1.237 billion, and provided third quarter guidance in the range of $1.335 billion to $1.375 billion, implying year-over-year revenue growth of 12% to 16%. As the market reacted to the Company’s lower-than-expected financial results and revenue guidance, Snap’s stock price fell $3.45 per share, or 26.9%, to close at $9.36 per share on August 2, 2024. Then, on September 5, 2024, the New Mexico Attorney General announced that the state’s Department of Justice had filed a lawsuit against Snap, alleging that its recommendation algorithm, ephemeral content, and general policies facilitate child sexual exploitation and abuse material, while further claiming that Snap and its leadership misled the public regarding platform safety. On this news, Snap’s stock price fell $0.25 per share, or 2.82%, to close at $8.62 per share on September 6, 2024.
What Should Snap, Inc. (SNAP) Investors Do?
If you are aware of any facts relating to this investigation or purchased Snap securities, you can assist this investigation. You can also contact Peretz Bronstein or his client relations manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC: 917-590-0911
How Is Snap, Inc. (NYSE: SNAP) Stock Trading Today?
How Does BG&G Help Investors in Securities Fraud Investigations?
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
“Our practice centers on restoring investor capital and ensuring corporate accountability, which serves to uphold the essential integrity of the marketplace.”