A Delaware judge questioned Thursday whether the class definition was too broad in a proposed settlement to end investor litigation alleging Snap Inc., the pioneer in mobile chat and photo-sharing features, was pushing a scheme to allow its co-founders to keep perpetual control of the company.
Vice Chancellor Paul Fioravanti Jr. of the Court of Chancery told the attorneys representing Snap and the pension fund behind the lawsuit that he couldn’t approve the settlement proposal until they addressed issues with the class definition.
“We intend to remedy the issues identified by the court and plan to resubmit the settlement ...
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