October 23, 2019 / 3:37 PM / a month ago

Snap says DOJ, SEC drop probe on IPO disclosures

Oct 23 (Reuters) - Snap Inc said on Wednesday that the U.S Department of Justice and the Securities and Exchange Commission were no longer investigating whether the company misled investors at the time of its March 2017 initial public offering.

Snap, the parent company of photo messaging app Snapchat, said last year that the DOJ and SEC had subpoenaed it for information regarding investors’ allegations that Snap misled the public about how competition from Facebook Inc’s Instagram service had affected its growth. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Anil D’Silva)

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