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Snapchat inc12/19/2023 ![]() Because users would most likely not consent to being tracked, industry observers expressed concern that the ATT changes could significantly harm Snap and other social media companies whose DR advertising revenue was dependent on IDFA’s tracking capabilities. In June 2020, Apple announced that app companies like Snap would no longer be able to use IDFA to track user activity on Apple devices unless users expressly and affirmatively “opted in” to being tracked-a change that Apple referred to as App Tracking Transparency, or ATT. This tracking on Apple devices was enabled through a system known as Identifier for Advertisers, or IDFA. Snap’s DR advertising business depended heavily on the Company’s ability to track users’ activity on their devices. Both before and during the relevant time period, Snap’s most critical business segment was direct response, or DR, advertising, which consists of in-app ads that ask a user to take a specific action, such as downloading an app or making a purchase. Snap’s revenue depends entirely on advertising. ![]() Snap is a social media company whose primary product is a free mobile chatting application called Snapchat. The complaint alleges that Snap made materially false and misleading statements and failed to disclose adverse facts about the Company’s business, operations, and prospects, thus artificially inflating the Company’s stock price and causing investors to suffer substantial losses when the truth eventually emerged. On January 31, 2022, Saxena White was appointed Lead Counsel in this securities fraud class action against Snap Inc., and certain of its senior executives, for violations of the Securities Exchange Act of 1934. ![]()
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