Investors Blast Snap's Plan To Offer Non-Voting Shares

Law360, New York (February 7, 2017, 3:48 PM EST) -- A group of institutional investors have asked Snap Inc. to reconsider its plan to sell only non-voting shares as part of its $3 billion initial public offering, saying the two-class system could harm the stock’s value and undermine public confidence in the market.

The Council of Institutional Investors, a group of fund managers who oversee some $3 trillion in assets, asked Snap co-founders Evan Spiegel and Robert Murphy and the company’s chairman Michael Lynton to meet and discuss another way forward in their Friday letter. The stock offering, announced Thursday, would leave the company’s top officers and early investors in full...

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