Snap is being probed over its IPO because some investors are salty about losing money94.61

Here’s something I didn’t expect to read today. The U.S. Justice Department and Securities and Exchange Commission has subpoenaed Snap for details on its IPO apparently in connection with a lawsuit from disgruntled shareholders who claim the company played down its rivalry with Instagram.

Reuters first reported on the subpoenas which Snap has confirmed. Precise details aren’t clear at this point but Snap told Reuters that the probe is likely “related to the previously disclosed allegations asserted in the class action about our IPO disclosures.”

Original source
https://techcrunch.com/2018/11/13/snap-is-being-probed-over-its-ipo-because-some-investors-are-salty-about-losing-money/

Add comment

Please Sign in to be able to leave comments.