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.
The SEC and the DOJ declined to comment. Snap says it believes that the lawsuit is "meritless" and its IPO disclosures were "accurate and complete."
Snap has struggled to compete with Instagram especially after the Facebook-owned app successfully copied its popular "stories" feature.
Mike Pierantozzi joins Movers+Shakers as exec creative director
Creative agency Movers+Shakers has appointed Mike Pierantozzi as executive creative director. In this new role, he will help guide the creative direction of Movers+Shakersโ socially-native campaigns. Pierantozzi will report to co-founder and chief creative officer Geoffrey Goldberg.
With nearly two decades of experience as a copywriter, creative director, and multi-platform storyteller, Pierantozzi brings a wealth of knowledge from his work with major brands including Kraft, Unilever, IBM, and Walmart. He has led the creation of award-winning campaigns for agencies like Red Tettemer, Ogilvy, The Brooklyn Brothers, TAXI, Saatchi & Saatchi, and most recently, Vayner, where he spearheaded culturally iconic work for Planters including โDeath of Mr. Peanut.โ He led the National Down Syndrome Society and Luvs account, whose โFirst Kid. Second Kidโ campaign was awarded by the Effies, ADC, Clios and LIAs.
Outside of the office, Pierantozzi practices what he teaches brands. Heโs gone viral multiple times on his own TikTok account, featuring comedic interactions with his son and a trombone. Heโs accumulated 15K followers on TikTok.
โMike brings a rare and awesome combination of deep social and platform experience, a keen eye for excellent storytelling, and a humble and kind approach to leadership,โ said Goldberg. โMikeโs got a knack for turning brand stories into cultural movements, making him the perfect fit for Movers+Shakers. Heโs got the kind of bold vision and attention to culture that fits perfectly with our mission to push creative boundaries and drive industry firsts. Plus, as a creator himself he has the innate ability to make people stop, laugh, and share--which is exactly what weโre about.โ
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