LOS ANGELES--(BUSINESS WIRE)--
Goldberg Law PC, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Snap Inc. (“Snap” or the “Company”) (NYSE: SNAP).
If you purchased or otherwise acquired Snap shares, and would like more information about the investigation, we encourage you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights without cost to you. You can also reach us through the firm’s website at http://www.Goldberglawpc.com, or by email at [email protected].
The investigation focuses on whether Snap and certain of its officers and/or directors violated federal securities laws. On March 2, 2017, the Company sold 200 million shares of stock in its initial public stock offering (the “IPO”), raising $3.4 billion in new capital. The Company’s stock traded as high as $26.05 that day. On May 10, 2017, after the market closed, Snap released its first earnings report as a public company and revealed a massive quarterly loss of $2.2 billion. Nearly $2 billion of that total resulted from stock-based compensation to employees. However, even after subtracting stock-based compensation, Snap still lost more money than expected in the first quarter. The Company reported an adjusted EBITDA loss of $188.2 million, more than its revenue total and higher than the average analyst estimate of $180.7 million loss. Snap’s Q1 revenue was $149.6 million lower than the $158 million analyst consensus estimate. Since the IPO, Snap’s stock price has dropped sharply.
If you have any questions concerning your legal rights, please immediately contact Goldberg Law PC at 800-977-7401, or visit our website at http://www.Goldberglawpc.com, or email us at [email protected].
Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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