|Company Name||Snap, Inc.|
|Class Period||July 22, 2020 to October 21, 2021|
|Lead Plaintiff Motion Deadline||January 10, 2022|
On October 21, 2021, Snap reported weaker-than-expected third quarter earnings due to Apple's privacy update, revealing that the "changes have adversely affected our targeting, measurement, and optimization capabilities, and in turn affected our ability to measure the effectiveness of advertisements on our services.” The Company disclosed that demand for its advertising products had reduced, and thus, so had its prices, resulting in potential serious harm to its business.
On this news, Snap’s stock price fell $19.97, or 26.5%, to close at $55.14 per share on October 22, 2021, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose: (1) Apple's privacy changes would have, and were having, a material impact on the Company's advertising business; (2) Snap overstated its ability to transition its advertising with Apple's privacy changes; (3) Snap knew of, but downplayed, the risks of the impact that Apple's privacy changes had on the Company's advertising business; (4) Snap overstated its commitment to privacy; and (5) as a result of the foregoing, defendants' public statements and statements to journalists were materially false and/or misleading at all relevant times.
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