Snap Settles Two Suits in State and Federal Court for $187,500,000

Parent Company Of Snapchat Settles Investor Suit Alleging Misleading IPO Claims

Snap - Federal Court Settlement
  • Class Period: 03/02/2017 -- 08/10/2017
  • Settlement Fund: $154,687,500.00
  • Claim Filing Deadline: 01/25/2021

Snap - State Court Settlement

  • Class Period: 03/02/2017 -- 07/29/2017
  • Settlement Fund: $32,812,500.00
  • Claim Filing Deadline: 01/25/2021

Total for both funds: $187,500,000

Investors are receiving notices this week for not one but two securities settlements for Snap, the parent company of Snapchat. What gives?

Well, they got sued twice—once in California State Court and once in Federal Court. But in these cases you can kill two birds with one stone. That is, you can file two claims with one claim form that will let you participate in both settlements. 

Well, YOU don’t have to file a claim if you are a Chicago Clearing Corporation (CCC) client. You can think of CCC as the stone that kills all the securities class action birds. 

There are over 100 new securities class actions every year. That’s a lot of cases to keep up with, a lot of federal and state courts to monitor, and a lot of claim forms to send to a lot of claims administrators. CCC is your one stop shop for all of it. We will even tell you what each case is about. For example…

Both the state and federal Snap litigations centered on the same allegations—that Snap mischaracterized the quality of its daily active users and the growth of new users as it approached its IPO. When the real numbers were revealed, Snap's stock stumbled from over $27 to under $12. Defendants deny the allegations. The claim form, which again covers both state and federal court, is due on January 25, 2021. 

Now imagine there were a magic claim form that covered not only these two settlements about, oh, 109.6 financial class action settlements per year? Imagine if you never had to worry about what the actual deadline was? Imagine you never had to take a break from your daily duties to even file a claim?

What you are imagining, my friend, is being a CCC client. 

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