Snapchat Takes Class Cert. Fight In IPO Suit To 9th Circ.

Law360 (December 4, 2019, 5:24 PM EST) -- Snap Inc., the parent company of social media giant Snapchat, petitioned the Ninth Circuit Tuesday for permission to appeal a lower court's class certification in an investor suit accusing Snap of concealing problematic growth metrics ahead of its initial public offering.

The company argued that a California federal court took a "certify-at-all-costs approach" in its November ruling, ignoring that the investors' securities fraud allegations are actually time-barred. The lower court also improperly expanded both the class and Snap’s liability in the suit, and allowed for a faulty damages model, according to the strongly worded petition.

“The District Court here circumvented multiple...

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