NEW YORK--(BUSINESS WIRE)--
Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Snap Inc. (NYSE:SNAP) resulting from allegations that Snap may have issued materially misleading business information to the investing public.
On May 10, 2017, Snap reported a net loss of $2.2 billion or $2.31 per share for first quarter of 2017 during aftermarket hours. The quarterly loss mostly stemmed from stock-based compensation issued to employees, including Chief Executive Officer and co-founder Evan Spiegel, for its March 2, 2017 initial public offering. The quarterly loss of $2.2 billion was more than four times the total revenue Snap recorded during the first quarter of 2017. Snap also reported that daily active users increased by just 5% from the fourth quarter of 2016 to the first quarter of 2017. On this news, shares of Snap fell sharply during intraday trading on May 11, 2017, damaging investors.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Snap investors. If you purchased shares of Snap on or before May 10, 2017, please visit the firm’s website at http://www.rosenlegal.com/cases-1126.html for more information. You may also contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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