Snap Shareholders Agree to Drop Federal Suits, Eyeing Delaware

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, ...