A shareholder class action has been filed against Snap Inc., alleging the camera and social-media company’s co-founders have stripped holders of public shares of their voting rights while giving themselves more flexible control.
The complaint, filed Tuesday in the Delaware Court of Chancery by Labaton Sucharow and Friedlander & Gorris, with Friedman Oster & Tejtel and Shekarchi Law Office of counsel, claims the amendment of California-based Snap’s IPO charter without a shareholder vote constitutes a breach of fiduciary duty and a violation of Section 242(b) of the DGCL.
