PLEASE READ – IMPORTANT
Pursuant to the Order posted here, the Court has granted the motion for final approval of the Settlement and the motion for attorneys’ fees and litigation expenses.
Pursuant to the below docket entry, the Court has vacated and taken off-calendar the final Settlement Hearing scheduled for Monday, February 22, 2021 at 1:30 PM (PST).
If you have any questions, please contact JND or Class Counsel. The contact information for JND and Class Counsel can be found here
||SCHEDULING NOTICE-IN CHAMBERS ORDER/TEXT ONLY ENTRY by Judge Stephen V. Wilson re: 384 MOTION for Settlement Approval of Proposed Final Class Action Settlement and Plan of Allocation filed by Class Representatives; 385 MOTION for Attorney Fees and Litigation Expenses filed by Class Representatives - The motions are submitted. An order will issue. The hearing scheduled for 02/22/2021 at 1:30 p.m. is vacated and off-calendar. THERE IS NO PDF DOCUMENT ASSOCIATED WITH THIS ENTRY. (pc) TEXT ONLY ENTRY (Entered: 02/18/2021)
The information contained on this web page is only a summary of the information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement of Federal Case; (II) Motion for an Award of Attorneys’ Fees and Litigation Expenses; and (III) Settlement Hearing (“Notice”). Because this web page is just a summary, you should review the Notice and Frequently Asked Questions for additional details.
Summary of the Federal Action and the Federal Settlement
This web page relates to the settlement of the action captioned In re Snap Inc. Securities Litigation, Case No. 2:17-cv-03679-SVW-AGR (C.D. Cal.) ("Federal Action"). The Federal Action is a securities class action against Snap Inc. ("Snap") and other defendants (collectively, "Defendants") for alleged violations of the federal securities laws during the Class Period. Class Representatives alleged that Defendants made certain materially false and misleading statements, or omitted to disclose certain information they were required to disclose regarding: (i) Snap’s characterizations and explanations for the slowing growth in daily active users (“DAUs”) it experienced in the months leading up to Snap’s IPO, and (ii) Snap’s characterizations about the quality of its DAUs, particularly as to whether Snap used “growth hacking” techniques to boost its DAU growth. Defendants deny the allegations of wrongdoing asserted in the Action, and deny any liability whatsoever to any member of the Class.
Court-Appointed Class Representatives consist of Smilka Melgoza, as trustee of the Smilka Melgoza Trust U/A DTD 04/08/2014, Rediet Tilahun, Tony Ray Nelson, Rickey E. Butler, Alan L. Dukes, Donald R. Allen, and Shawn B. Dandridge (collectively, “Class Representatives” or “Federal Plaintiffs”). Class Representatives, on behalf of themselves and the Court-certified Class (defined below), have reached a proposed settlement of the Federal Action with Defendants for a payment of $154,687,500 in cash that, if approved, will resolve all claims in the Federal Action (“Settlement” or “Federal Settlement”).
The Class certified by the Court consists of:
All persons and entities who purchased or otherwise acquired Snap Inc. Class A Common Stock between March 2, 2017 and August 10, 2017, inclusive, and were damaged thereby. Certain persons and entities are excluded from the Class as set forth in ¶ 30 of the Notice.
If you are a member of the Class, your legal rights will be affected whether you act or do not act. Please read the detailed Notice to fully understand your rights and options.
If you are a member of the Class, you will need to complete and submit a Claim Form in order to be potentially eligible to receive a payment from the Settlement. The deadline for submitting a claim is January 25, 2021. Payments to eligible Class Members will be made in accordance with the proposed Plan of Allocation (attached as Appendix A to the Notice), or another plan of allocation that is approved by the Court. Payments to eligible Class Members will be made only after any appeals are resolved, both the Federal Settlement and the State Settlement become Final, and after the completion of all claims processing. Please be patient as this process with take some time to complete.
PLEASE NOTE: If you are a member of the Class, you may also be a member of the Settlement Class in the related State Action and eligible to receive a payment in connection with the State Settlement as well. Information on the State Action and the Settlement can be found HERE. There is one Claim Form for both this Settlement and the State Settlement. Accordingly, if you submit a Claim Form, your Claim Form will be processed in connection with both settlements. Please do not submit two Claim Forms.
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
|SUBMIT A CLAIM FORM POSTMARKED (IF MAILED), OR ONLINE, NO LATER THAN JANUARY 25, 2021.
||This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Class Member, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in ¶ 41 of the Notice) that you have against Defendants and the other Released Defendants’ Parties (defined in ¶ 42 of the Notice), so it is in your interest to submit a Claim Form. If you submit a Claim, your Claim will be processed in accordance with the plans of allocation for both the Federal Settlement and the State Settlement.
PLEASE NOTE: YOU ONLY NEED TO SUBMIT ONE CLAIM FORM IN ORDER TO PARTICIPATE IN THE SETTLEMENTS OF BOTH THIS ACTION AND THE STATE ACTION.
|EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN JANUARY 25, 2021.
||Get no payment. If you exclude yourself from the Class, you will not be eligible to receive any payment from the Federal Settlement. This is the only option that may allow you to ever be part of any other lawsuit against Defendants concerning the claims that were, or could have been, asserted in the Federal Action. It is also the only way for Class Members to remove themselves from the Class. If you are considering excluding yourself from the Class, please note that there is a risk that Defendants will claim or a Court may determine that certain claims asserted against Defendants are no longer timely and are time-barred.
Please Note: Excluding yourself from the Class in the Federal Action does not automatically exclude you from the class in the State Action. If you would like to exclude yourself from the Settlement Class, you must do so in accordance with the instructions set forth in the notice for the State Settlement available here.
|OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN JANUARY 25, 2021.
||If you do not like the proposed Settlement, the proposed Plan of Allocation, and/or the requested attorneys’ fees and Litigation Expenses, you may object by writing to the Court and explaining why you do not like them. In order to object, you must be a member of the Class and you may not exclude yourself from the Class.
|GO TO A HEARING ON FEBRUARY 22, 2021 AT 1:30 P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN JANUARY 25, 2021.
||If you have filed a written objection and wish to appear at the hearing, you must also file a notice of intention to appear by January 25, 2021, which allows you to speak in Court, at the discretion of the Court, about the fairness of the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing.
||If you are a member of the Class and you do not submit a valid Claim, you will not be eligible to receive any payment from the Federal Settlement. You will, however, remain a member of the Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Federal Action.
How do I obtain more information?
Detailed information about the Federal Action and the Federal Settlement is contained in the Notice available for download on the Important Documents page of this website, and on the Frequently Asked Questions page of this website. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-855-958-0630; emailing info@SnapSecuritiesLitigation.com; or mailing a letter to:
Snap Securities Litigation
c/o JND Legal Administration
P.O. Box 91314
Seattle, WA 98111
Inquiries should NOT be directed to the Court, the Clerk of the Court, or Defendants.