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Snap said it believes that the federal regulators “are investigating issues related to the previously disclosed allegations asserted in the class action about our IPO disclosures.”. “While we do not have complete visibility into these investigations, our understanding is that the DOJ is likely focused on IPO disclosures relating to competition from Instagram,” the company said letter i cufflinks uk sale. Snap’s Snapchat messaging app has posted disappointing user growth since the company’s $3.4 billion IPO, and despite above-expectations sales growth and narrowing losses, its shares have tumbled. They closed at $6.71 on Tuesday, down from their initial offering price of $17..

The company described the lawsuit as “meritless” and said its pre-IPO disclosures were “accurate and complete.” It said it would continue to cooperate with the SEC and Justice Department. Subpoenas can compel parties to provide materials that authorities want to review. Snap acknowledged the probes after the U.S. government made a sealed filing in the shareholder lawsuit last Wednesday. The complaint, filed in May 2017 in U.S. District Court in Los Angeles, also alleges that Snap did not disclose a sealed lawsuit brought before the IPO in which a former employee alleged the company had misrepresented some user metrics letter i cufflinks uk sale.

A federal court ordered that whistleblower case to arbitration in April. The shareholder lawsuit further alleges that Snap misrepresented its use of smartphone notifications and other “growth hacking” tactics to spur Snapchat usage. Judge Stephen V letter i cufflinks uk sale. Wilson in June denied Snap’s motion to dismiss the lawsuit. Plaintiffs later filed to certify it as a class action. Snapchat, which reported 158 million daily users prior to the IPO, peaked at 191 million in this year’s first quarter and fell to 186 million in the third quarter..

(Reuters) – The chief executive of Flipkart Group, Walmart Inc’s (WMT.N) Indian e-commerce business, resigned following an internal probe into accusations of “serious personal misconduct,” Walmart said Tuesday. The misconduct accusations followed an allegation of sexual assault, two people familiar with the matter said. The departure of Binny Bansal, 37, one of the co-founders of Bangalore-based Flipkart, could be a setback for Walmart’s efforts to compete with Amazon.com Inc (AMZN.O) in India’s huge consumer market letter i cufflinks uk sale. A tech-savvy billionaire, Bansal took over as CEO of Flipkart in 2016. He became the chairman and group CEO of the e-commerce company this year..

Walmart paid $16 billion for a roughly 77-percent stake in Flipkart in May. The investment is the U.S. retailer’s biggest acquisition and was a major move in its efforts to compete against Amazon’s growing market share at home and abroad. Walmart announced it would acquire the stake in Flipkart in May and completed the deal in August. In a note sent to Flipkart employees, which was seen by Reuters, Bansal said recent events led him to step down from his role as chairman and CEO. He said the events related to a claim of misconduct against him, “which was uncorroborated after a thorough investigation completed by an independent law firm.” letter i cufflinks uk sale.