"Snap Inc. stockholders suing the tech giant's top brass for allegedly hiding a glitch that impacted its advertising revenue agreed to let go of federal lawsuits and will instead seek remedies under Delaware law."
"A trio of investors said in separate lawsuits on Sept. 26 they each wanted to voluntarily dismiss their cases after conferring with Snap's board and executives, according to court filings compiled by Bloomberg Law."
"Their shareholder derivative complaints echoed a proposed securities class action that's pending against Snap, CEO Evan T. Spiegel, and chief financial officer Derek Andersen filed in the same court last month, ..."
Snap Inc. stockholders who alleged executives concealed a glitch that reduced advertising revenue agreed to dismiss federal lawsuits and to pursue remedies under Delaware law. Three investors filed separate lawsuits on Sept. 26 seeking voluntary dismissal after conferring with Snap's board and executives. The cases are shareholder derivative complaints that mirror a proposed securities class action pending against Snap, CEO Evan T. Spiegel, and chief financial officer Derek Andersen in the same court. The procedural shift moves the disputes from federal securities litigation to Delaware corporate-law claims focused on fiduciary duties and corporate governance remedies.
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