Paul, Weiss is widely recognized as having one of the nation’s preeminent securities litigation and regulatory practices. For two decades, our lawyers have guided global corporations and financial institutions through a series of “bet-the-company” securities-related crises, consistently reducing or eliminating their most damaging claims and negotiating favorable resolutions.
Securities Class Action Over Data Privacy Changes Against Snap Inc. Dismissed With Prejudice
- Client News
- October 27, 2023
Practices
The lead plaintiff in a securities fraud class action against Paul, Weiss client Snap Inc., its CEO and former chief business officer asked the U.S. District Court for the Central District of California to dismiss its lawsuit with prejudice. The court dismissed the case with prejudice three days later.
The lawsuit against Snapchat creator Snap Inc., its co-founder and CEO Evan Spiegel and its former Chief Business Officer Jeremi Gorman alleged that Snap had defrauded its investors in connection with Apple’s 2021 rollout of privacy changes to its iPhone operating system.
The plaintiff’s filing—and the subsequent dismissal with prejudice—came after the court granted the defendants’ second motion to dismiss in September 2023. In that decision, Paul, Weiss’s presentation at oral argument persuaded the judge to reverse his tentative ruling, released on the eve of argument, that would have denied the motion. The lead plaintiff declined to file a fourth amended complaint by the deadline and instead asked that the case be dismissed with prejudice.
The Paul, Weiss team included litigation partners Daniel Kramer and Audra Soloway, who argued the motion.