Snap sued for misrepresenting impact of Apple privacy changes

Social media company Snap this week was slapped with a class action lawsuit claiming executives misrepresented the threat Apple privacy changes posed to the company’s revenue stream.Lodged with the U.S. District Court for the Northern District of California, the suit from Snap investor Kellie Black claims company executives made misleading statements in regulatory filings and to the media about the impact Apple’s privacy changes would have on Snap’s advertising business.Specifically, Snap allegedly failed to disclose or made false statements about the material impact newly released iOS features would have, and were having, on the company’s bottom line. Further, Snap overstated its ability to adapt to the changes, downplayed the risks associated with Apple’s operating system changes and exaggerated its commitment to privacy, plaintiffs assert. Read more…
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