Source: http://www.crazydaysandnights.net

It won’t be long before this foreign born permanent A list model is out the door of her marriage.

She thought she was getting wealth beyond belief, but now, she might end up being a witness in a criminal trial.

Miranda Kerr

Evan Spiegel

Snapchat

Snapchat Is Doing So Badly, the Feds Are Getting Involved

After turning down an offer from Mark Zuckerberg, who wanted to acquire Snapchat for $3 billion in 2013, Snapchat C.E.O. Evan Spiegel had to contend with the very real possibility that the Facebook C.E.O. would dedicate his company’s considerable resources to making Snapchat redundant. In short order, Zuckerberg began to do just that, mercilessly copying Snap’s features with remarkable success: in June, Instagram announced its Stories feature had attracted 400 million daily users, while Snap’s number of daily active users hovered around 191 million in the first quarter of 2018. Reports have suggested that those within Snapchat were well aware of Instagram’s potential to eat their lunch. But whether Snap disclosed the extent of these concerns to investors is now a matter of interest to the U.S. government.

On Tuesday, Reuters reported that both the Securities and Exchange Commission and the Department of Justice have subpoenaed Snap over allegations that it misled investors by not revealing Instagram’s potential to hurt Snapchat’s growth. “It is our understanding that these regulators are investigating issues related to the previously disclosed allegations asserted in the class action about our I.P.O. disclosures,” the company said in a statement. “While we do not have complete visibility into these investigations, our understanding is that the D.O.J. is likely focused on I.P.O. disclosures relating to competition from Instagram.” It’s unclear what triggered the S.E.C. and D.O.J. requests, but last week the government made a sealed filing in a shareholder lawsuit in federal court in Los Angeles, in which investors allege that before going public, Snap downplayed the risk of competition from Facebook.

The suit also alleges that Snap failed to disclose a sealed whistleblower lawsuit from before its I.P.O., in which a former employee claimed Snap had misrepresented its daily-active-user numbers. The company has denied both allegations, saying in a statement, “We continue to believe the class action’s claims are meritless and our I.P.O. disclosures were accurate and complete.” In April, a federal court ordered the whistleblower case to arbitration, and in June, a judge denied Snap’s motion to dismiss the lawsuit. The company says it will continue cooperating with both the Department of Justice and the S.E.C. Snap shares tumbled on the news: on Tuesday, they closed at $6.71, and on Wednesday they hovered around $6.60. – Source


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