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Snap Shareholders Can Pursue Claims That IPO Hid Crucial Information

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Investors who claim they were deceived when Snapchat went public last year will get a chance to pursue damages in court.

Snap Inc., the maker of an application for ephemeral messages and videos, lost its bid to dismiss a securities lawsuit stemming from its initial public offering in March 2017. The next step for shareholders is to request class-action status, which would give them additional leverage to negotiate a settlement.