Snap, Investors Focus on Executive’s Intent in Securities Appeal

A Snap Inc. executive’s knowledge about advertiser difficulties with a new tracking system was at the center of an argument at the Ninth Circuit on Thursday as investors sought to revive a securities fraud suit.

Chief Business Officer Jeremi Gorman’s fraudulent intent could be inferred from the complaint, an attorney for the investors told the appeals court. Gorman’s motives, anonymous witnesses’ accounts, and the context of ongoing industry concerns about Apple Inc.'s replacement for its use-tracking tool all contributed to a plausible inference that she intended to deceive investors in April 2021 comments, Rachel Cherington of Joseph Hage Aaronson LLC ...