By Dave Simpson (November 12, 2021, 8:43 PM EST) — Snapchat’s parent company downplayed the negative impact Apple’s recent privacy changes would have on its advertising business, causing the stock price to plunge once the effect was realized, investors said in a putative class action filed Thursday in California federal court.
Snap Inc. and its executives reassured the hundreds of thousands shareholders that its focus on privacy, independent of Apple Inc.’s app tracking transparency-related changes, prepared the company to handle the impacts, the suit from investor Kellie Black alleges. But in reality, the changes hurt the company’s bottom line, causing its value to tumble, the suit alleges.
When Snap finally announced…
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