Snap(US:SNAP) Globenewswireยท2025-09-29 21:24Core Viewpoint - The Snap Inc. class action lawsuit alleges that the company and its executives misled investors regarding advertising revenue and growth expectations, leading to significant financial losses for shareholders during the specified class period [3][4]. Group 1: Class Action Lawsuit Details - The class action lawsuit is titled Abdul-Hameed v. Snap Inc., No. 25-cv-07844 (C.D. Cal.), and it involves purchasers of Snap securities from April 29, 2025, to August 5, 2025 [1]. - Investors have until October 20, 2025, to seek appointment as lead plaintiff in the lawsuit [1]. - The lawsuit claims that Snap's executives created a false impression of reliable advertising revenue information while downplaying macroeconomic instability [3]. Group 2: Allegations and Impact - On August 5, 2025, Snap reported disappointing second-quarter results, revealing a significant deceleration in advertising revenue, which was partly attributed to a change that led to reduced auction prices for campaigns [4]. - Following the release of these results, Snap's stock price fell by more than 17% [4]. Group 3: Legal Process and Firm Background - The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Snap securities during the class period to seek lead plaintiff status, representing the interests of the class [5]. - Robbins Geller Rudman & Dowd LLP is a leading law firm in securities fraud litigation, having recovered over $2.5 billion for investors in 2024 alone [6].