Harwood Feffer LLP Announces Investigation of Snap Inc.
May 17, 2017
NEW YORK, May 17, 2017 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Snap Inc. ("Snap" or the "Company") (NYSE: SNAP), concerning whether the board has breached its fiduciary duties to shareholders.
On March 3, 2017, Snap completed its initial public offering, issuing 200 million shares of stock. On May 10, 2017, the Company issued its first earnings report since going public and announced lower than expected user growth and a quarterly loss of $2.2 billion. On this news, Snap stock fell over 20%. A former employee has filed a complaint against the company in which he alleges that improper financial metrics were employed by Snap prior to its IPO.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Snap shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212)935-7400
Email: bsachsmichaels@hfesq.com
Website: http://www.hfesq.com
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Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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