Snapchat Investor Sues Execs Over Apple Privacy Changes

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By Caleb Symons (April 7, 2022, 8:15 PM EDT) — Snapchat’s parent company is again accused of downplaying the impact of new privacy features Apple released last year, with an investor claiming Snap Inc. officials breached their fiduciary duties by concealing how those changes had cut into advertising revenue.

The shareholder derivative suit Vonmarie Thomas filed in Delaware federal court Wednesday is at least the third action to allege that Snap’s top executives kept investors in the dark over limits on the company’s access to user data as a result of the privacy features.

Those limitations reduced demand for Snap’s advertising products, Thomas says, leading to “weaker-than-expected” earnings that were announced…

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