Securities Fraud Claims Survive Attempts At Dismissal In Class Action

Mealey's (June 13, 2018, 1:36 PM EDT) -- LOS ANGELES — In a June 7 order, a federal judge in California denied motions to dismiss in a securities class action lawsuit against social media company Snap Inc., certain of its senior executives and directors and underwriters of the company’s initial public offering (IPO), ruling that shareholders properly pleaded a material misrepresentation or omission and scienter, as well as damages, in making their federal securities law claims (In re Snap Inc. Securities Litigation, No. 17-3679, C.D. Calif., 2018 U.S. Dist. LEXIS 97704)....