A shareholder class action has been filed against Snap Inc., alleging the camera and social-media company’s co-founders have stripped holders of public shares of their voting rights while giving themselves more flexible control.

The complaint, filed Tuesday in the Delaware Court of Chancery by Labaton Sucharow and Friedlander & Gorris, with Friedman Oster & Tejtel and Shekarchi Law Office of counsel, claims the amendment of California-based Snap’s IPO charter without a shareholder vote constitutes a breach of fiduciary duty and a violation of Section 242(b) of the DGCL.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]