According to the Complaint, Snap Inc. purports to be a camera company, which offers the social media application Snapchat, an eyewear product that connects with Snapchat and captures video Spectacles, and advertising products including AR (augmented reality) and Snap ads. The Company was formerly known as Snapchat, Inc. and changed its name to Snap Inc. in September 2016.

In June 2020, as part of an ongoing privacy push, Apple Inc. (“Apple”), which developed and maintains the popular mobile operating system iOS for its mobile devices (the iPhone), publicly announced new data privacy features for iOS. In April 2021, Apple released the new data privacy features for iOS.

The Complaint alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) Apple’s privacy changes would have, and were having, a material impact on the Company’s advertising business; (2) Snap overstated its ability to transition its advertising with Apple’s privacy changes; (3) Snap knew of, but downplayed, the risks of the impact that Apple’s privacy changes had on the Company’s advertising business; (4) Snap overstated its commitment to privacy; and (5) as a result of the foregoing, Defendants’ public statements and statements to journalists were materially false and/or misleading at all relevant times.

On January 31, 2022, the Court issued an Order consolidating related actions and appointing Lead Plantiff and Counsel. All future docketing was ordered to be done in the lead case 21-CV-08892.

Lead Plaintiff filed a consolidated Complaint on March 18, 2022. Defendants filed a Motion to Dismiss the consolidated Complaint on May 3. On June 17, the Court took the Motion to Dismiss off-calendar pending the filing of an amended Complaint. Lead Plaintiff filed the second amended Complaint under seal on August 4.

On September 19, 2022, Defendants filed a Motion to Dismiss the second amended Complaint. On March 13, 2023, the Court issued an Order granting Defendants Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On April 21, 2023, Lead Plaintiff filed a third amended Complaint. Defendants filed a Motion to Dismiss the third amended Complaint on June 9. On September 26, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Lead Plaintiff notified the Court that they did not intend to amend the Complaint, and on October 30, the Court dismissed the case with prejudice and entered final judgment.

Lead Plaintiff filed a notice appealing the Court's Dismissal Order on November 28, 2023. On December 20, 2024, the Court of Appeals reversed the Dismissal.