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Snap Inc.

Company NameSnap Inc.
Stock SymbolSNAP

On August 1, 2024, Snap announced its second quarter 2024 financial results, revealing quarterly revenue of $1,237 million. The Company also announced guidance for third quarter revenue in the range of “$1,335 million to $1,375 million, implying year-over-year revenue growth of 12% to 16%.”

On this news, Snap's stock price fell $3.45, or 26.9%, to close at $9.36 per share on August 2, 2024, thereby injuring investors.

Then, on September 5, 2024, the New Mexico Attorney General announced a lawsuit had been filed by the New Mexico Department of Justice against Snap. The announcement revealed that the lawsuit alleged Snap’s policies, seemingly ephemeral content, and recommendation algorithm foster the sharing of child sexual abuse material and facilitate child sexual exploitation. The complaint filed by the New Mexico Department of Justice further alleged Snap and its executives misled the public about the platform’s safety and policies.

On this news, Snap's stock price fell $0.25, or 2.8%, to close at $8.62 per share on September 6, 2024, thereby injuring investors further. 

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