Snapchat parent company sued for downplaying iOS changesSnap missed its earnings target because of the changes, causing shares to fall 25%.
What you need to know
Snap is being sued by one of its own investors.
It's over claims Snapchat's parent company misled investors and downplayed the impact of Apple's privacy changes.
Snap missed earnings targets because of iOS 14.5's privacy changes.
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 fal...
Source:
Snapchat parent company sued for downplaying iOS changes
