Snap reportedly subpoenaed by Justice Department and SEC for information on IPO disclosures

Getty/Michael Kovac

• The Justice Department and Securities and Exchange Commission have subpoenaed Snap for information about its March 2017 initial public offering.
• The company said in a statement it has responded to the government subpoenas and other requests for information.
• The federal inquiries follow an ongoing shareholder lawsuit in which investors allege that Snap misled the public about how competition from Facebook’s Instagram service had affected the company’s growth.

NEW YORK (Reuters) – The US Justice Department and Securities and Exchange Commission have subpoenaed Snap for information about its March 2017 initial public offering, the social media app maker told Reuters on Tuesday.

Snap said in a statement it has responded to the government subpoenas and other requests for information.

See the rest of the story at Business Insider

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