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DOJ, SEC drop Snap probe on IPO disclosures

The U.S. Department of Justice and the U.S. Securities and Exchange Commission dropped investigations into Snap Inc. over claims that it misled investors before its public listing in 2017.

The DOJ and the SEC started investigating after a group of Snap investors sued the Snapchat parent over claims the company did not detail the extent of its competition with Facebook Inc.'s photo-sharing app Instagram LLC during the second half of 2016. They also alleged that Snap failed to disclose a lawsuit from a former employee who claimed there were data inaccuracies regarding Snapchat's daily active users.

The company said in an Oct. 23 filing that it believes the underlying securities class action's claims are "meritless" and its IPO disclosures were accurate and complete.

During its third-quarter earnings call, Snap CEO Evan Spiegel said the company is on track to reach profitability by the fourth quarter while continuing to capitalize on emerging technologies, including augmented reality and gaming. Snap posted a third-quarter net loss of $227.4 million, or 16 cents per share, compared to a loss of $325.1 million, or 25 cents per share, in the same period a year ago.