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 Action, which you can access here. Because this website is just a summary, you should review the Notice for additional details.
This website relates to a class action (the "Action"), pending in the Court of Chancery of the State of Delaware (the “Court”), brought there by a stockholder of Snap Inc. (“Snap” or the “Company”) asserting claims on behalf of itself and the Class and/or derivatively on behalf of the Company; (ii) the proposed settlement of the Action (the “Settlement”), subject to Court approval and subject to other conditions of the Settlement being satisfied, as provided for in a Stipulation of Compromise and Settlement dated as of June 13, 2023 (the “Stipulation”), which was filed with the Court and is publicly available for review; and (iii) your right to participate in a hearing to be held on September 7, 2023 at 11:00 a.m., before the Court at the Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware 19801 (the “Settlement Hearing”).
The Stipulation was entered into as of June 13, 2023 by and among (i) Plaintiff Greater Pennsylvania Carpenters’ Pension Fund (“Plaintiff” or “Carpenters”); (ii) Defendant Snap; and (iii) Defendants Evan Spiegel, Robert Murphy, Kelly Coffey, Joanna Coles, Liz Jenkins, Michael Lynton, Stanley Meresman, Scott Miller, Poppy Thorpe, and Fidel Vargas (the “Individual Defendants” and together with Snap, “Defendants”). Plaintiff and Defendants are collectively referred to herein as the “Parties.”
Amendments to the Stipulation were entered into as of December 15, 2023.
If you are a member of the Class, you are subject to the Settlement. The Class, pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1), 23(b)(2), and 23.1 and an Order of the Court, the Action has been preliminarily certified as a non-opt out class action on behalf of the Class. The Class is defined in the Stipulation as:
ALL CURRENT RECORD HOLDERS AND BENEFICIAL OWNERS OF SHARES OF COMMON STOCK OF SNAP INC. AND ALL RECORD HOLDERS AND BENEFICIAL OWNERS OF SHARES OF COMMON STOCK OF SNAP INC. AS OF JULY 19, 2022 TOGETHER WITH THEIR HEIRS, ASSIGNS, TRANSFEREES, AND SUCCESSORS-IN-INTEREST, IN EACH CASE SOLELY IN THEIR CAPACITY AS HOLDERS OR OWNERS OF COMMON STOCK OF SNAP INC. (THE “CLASS”)
PLEASE NOTE: The Class is a non-“opt-out” class pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1), and 23(b)(2). Class Members do not have the right to exclude themselves from the Class.
Attention: Additional notice was mailed on December 27, 2023 to only registered shareholders to notify them of amendments to the Stipulation. Please note that these amendments have extended the objection and intent to appear deadlines below.
CLASS MEMBERS’ LEGAL RIGHTS IN THE SETTLEMENT: |
OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 11, 2024. | If you are a member of the Class and would like to object to the proposed Settlement, the proposed Plan of Allocation, or Co-Lead Counsel’s application for an award of attorneys’ fees and expenses, including Lead Plaintiff’s application for an incentive award, you may write to the Court and explain the reasons for your objection. |
ATTEND A HEARING ON FEBRUARY 26, 2024, AT 3:15 P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 11, 2024. | Filing a written objection and notice of intention to appear that is received by February 11, 2024, allows you to speak in Court, at the discretion of the Court, about your objection. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection. |