The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action, you should review the Notice and Frequently Asked Questions for additional details.
Summary of the Action
Currently pending before the Superior Court of the State of California, County of Los Angeles (the “Court”) are two coordinated class actions alleging securities law violations: (1) Hsieh v. Snap Inc., No. BC669394 (Cal. Super. Ct., Cty. of Los Angeles) (“Hsieh Action”); and (2) Iuso v. Snap Inc., No. 17CIV03710 (Cal. Super. Ct., Cty. of San Mateo) (“Iuso Action”).
The Settlement, if approved, will result in the creation of a cash settlement fund of $32,812,500 (the “Settlement Amount”). The Settlement Amount, plus accrued interest (the “Settlement Fund”) and minus the costs of notice and all costs associated with the administration of the Settlement, as well as attorneys’ fees and expenses, as approved by the Court (the “Net Settlement Fund”), will be distributed to Settlement Class Members pursuant to the Plan of Allocation that is described in the Notice.
There is one Claim Form for both this Settlement and the Federal Settlement. Accordingly, if you submit a Claim Form, your claim will be processed in connection with both settlements. Please do not submit two Claim Forms.
The Settlement Class consists of:
All Persons and entities who purchased or otherwise acquired Snap common stock between March 2, 2017 and July 29, 2017, inclusive, and were damaged thereby. Excluded from the Settlement Class are Defendants, members of families of Defendants and their legal representatives, heirs, successors and assigns, and any entity in which Defendants have or had a controlling interest. Also excluded from the Settlement Class is any Person who validly requests exclusion pursuant to the requirements set forth in the Notice.
PLEASE NOTE: If you are a member of the Settlement Class, you may also be a member of the Class in the Federal Action and eligible to receive a payment in connection with the Federal Settlement as well. Information on the Federal Settlement can be found HERE. There is one Claim Form for both this Settlement and the Federal Settlement. Accordingly, if you submit a Claim Form, one 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 PROOF OF CLAIM POSTMARKED OR SUBMITTED ONLINE BY JANUARY 25, 2021 |
This is the only way to be eligible to get a payment from the Settlement. If you wish to participate in the Settlement, you will need to complete and submit the enclosed Proof of Claim. Settlement Class Members who do not complete and submit the Proof of Claim in accordance with the instructions on the Proof of Claim and do not submit it within the time required will be bound by the Settlement but will not participate in any distribution of the Net Settlement Fund. (ONLY ONE PROOF OF CLAIM IS REQUIRED TO PARTICIPATE IN THE SETTLEMENTS OF BOTH THIS ACTION AND THE FEDERAL ACTION.) |
| EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY MAILING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS POSTMARKED NO LATER THAN JANUARY 25, 2021 |
You will not be bound by the results of this lawsuit, and you will not receive any payment. This is the only option that allows you to ever be part of any other lawsuit against the Released Defendants’ Parties about the legal claims related to the issues raised in this Action. |
| OBJECT TO THE SETTLEMENT BY MAILING A WRITTEN OBJECTION SO THAT IT IS POSTMARKED NO LATER THAN JANUARY 25, 2021 |
If you believe the Settlement is objectionable in any respect, you may mail your objection to the Claims Administrator explaining why you oppose the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses. You will still be a member of the Settlement Class. |
| ATTEND THE FINAL APPROVAL HEARING ON MARCH 26, 2021, AT 9:00 A.M., AND MAIL A NOTICE OF INTENTION TO APPEAR SO THAT IT IS POSTMARKED NO LATER THAN JANUARY 25, 2021 |
The hearing on whether to approve the Settlement is scheduled for March 26, 2021, at 9:00 a.m. (the “Final Approval Hearing”) and is open to the public. You do not need to attend the hearing unless you wish to speak either in support of the Settlement or in support of any objection you may have submitted, and have mailed a Notice of Intention to Appear so that it is postmarked no later than January 25, 2021. The Court may postpone the Final Approval Hearing without prior notice or decide to hold the hearing by telephone or videoconference. |
| DO NOTHING. |
If you are a Settlement Class Member and do not submit a Proof of Claim postmarked or submitted online by January 25, 2021, you will not be eligible to receive any payment from the Settlement Fund. You will, however, be bound by the Settlement, unless you have requested exclusion from the Settlement Class. |
How do I obtain more information?
Detailed information about the Action 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.
© JND Legal Administration. All rights reserved.
