October 23, 2019 / 3:42 PM / 20 days ago

Snap says DOJ, SEC drop probe on IPO disclosures

FILE PHOTO: A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson/File Photo

(Reuters) - Snap Inc said on Wednesday that the U.S Department of Justice and the Securities and Exchange Commission were no longer investigating whether the company misled investors at the time of its March 2017 initial public offering.

Snap, the parent company of photo messaging app Snapchat, said last year that the DOJ and SEC had subpoenaed it for information regarding investors’ allegations that Snap misled the public about how competition from Facebook Inc’s Instagram service had affected its growth.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Anil D'Silva

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