Snap issued federal subpoenas linked to its IPO offering

WASHINGTON – The US Securities and Exchange Commission has subpoenaed Snap, the company behind Snapchat, for information about its initial public offering, according to the company.

Snap said it believes that regulators are investigating issues related to a class-action lawsuit, in which the company claims that the company has been misled by Facebook. "Our understanding is that the DOJ is likely focused on IPO disclosures relating to competition from Instagram," the company said in a statement to The Washington Post.

March 2017. According to the company's S-1 filing, Snap said, "With the companies in every aspect of our business," and noted that Be directly competitive. "Snap told the Washington Post," the claims are in the class-action lawsuit are "meritless" and that "our IPO disclosures were accurate and complete." the SEC and the Justice Department, and would continue to cooperate with the federal agencies.

Shareholders in the lawsuit allege, in part, that Snap concealed crucial information in the runup to its IPO, failing to reveal how to compete in its growth.

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