Snap Investor Sues Over Apple Privacy Update’s Impact on Ads

Snap Inc. allegedly failed to tell investors how Apple Inc.'s recent data privacy changes would negatively affect its advertising business, according to a would-be class suit filed in federal court in California.

The technology and social media company, which draws on user data for advertising purposes, “continuously downplayed” the impact of new privacy features Apple announced in June 2020, the complaint filed Thursday in the U.S. District Court for the Central District of California says.

Snap allegedly “knew of, but downplayed, the risks” the Apple changes posed and “overstated its ability to transition its advertising with Apple’s privacy changes,” according ...