LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Snap Inc. (“Snap” or the “Company”) (NYSE: SNAP) on behalf of investors concerning the Company’s possible violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to participate.
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.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Snap securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
