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January 5, 2017 04:00 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/nkuHgJKrVVY/snapchat-cited-false-user-numbers-in-order-to-boost-ipo-alleges-lawsuit-by-ex-worker
Snapchat Cited False User Numbers in Order To Boost IPO, Alleges Lawsuit by Ex-worker
A lawsuit filed against Snap Inc. by a former employee claims the company reported false growth numbers to investors in an effort to inflate its valuation. An anonymous reader shares a report: The plaintiff, Anothony Pompliano, joined the company (then known as Snapchat) as a growth lead in September of last year from Facebook. Pompliano claims the company's "institutional pandemic" of misrepresentation of its user numbers was fueled by its pursuit of a multi-billion dollar initial public offering (IPO) -- a number of prior reports have claimed the company could go public as soon as March. Snap's visual messaging app Snapchat is known for its popularity with younger millennials (aged 25 and under). Despite remaining tight-lipped about its official statistics, leaked reports put its daily active user base at 150 million (higher than that of fellow social platform Twitter). Additionally, its daily video views count hit an impressive 10 billion in April 2016. Numbers like these have had the industry buzzing over its expected IPO, with analysts claiming the company could be valued as high as $25 billion.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/nkuHgJKrVVY/snapchat-cited-false-user-numbers-in-order-to-boost-ipo-alleges-lawsuit-by-ex-worker
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