Feds subpoena Snap over shareholder lawsuit

Associated Press --------- Snap Inc. has received federal subpoenas related to a class-action lawsuit stemming from its 2017 initial public offering. The lawsuit, filed last May, claims that Snap misled investors about its user growth before going public. The company said in a statement Wednesday that it has been responding to subpoenas and requests for information from the Securities and Exchange Commission and the Department of Justice. The company says its understanding that the regulators are looking into disclosures during its initial public offering about competition from Instagram. To learn more click on the picture below to read the article.