Snapchat parent company sued for downplaying iOS changes | iMore

Investors in Snapchat’s parent company Snap is suing the outfit claiming it misled people over the impact changes to privacy in iOS 14 would have on its business. As noted by Reuters: A Snap Inc investor sued the social media company on Thursday, alleging it downplayed how a change in Apple Inc’s privacy policy threatened advertising revenue. The lawsuit filed in Los Angeles federal court comes three weeks after Snap shares fell 25% on news that changes restricting user tracking on Apple devices had hurt Snap’s ability to target and measure global advertising. Investor Kellie Black claims that Snap made statements that were “materially false and/or misleading” because “they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operational and financial results, which were known to Defendants or recklessly disregarded by them.” Specifically, the suit claims that Snap failed to disclose that Apple’s changes would have, and were having an impact on the firm’s ad business, and that it overstated its ability to overcome the measures, and that it “knew of, but downplayed, the risks of the impact that Apple’s privacy changes had on the Company’s advertising business.” The suit is a class action representing…
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