Snap Investors Get Lead Plaintiff in Apple Privacy Changes Suit

Snap Inc. investors who say the company misled them about how Apple Inc. data privacy changes would negatively affect its advertising business secured a lead plaintiff for their securities suit in federal court in California.

The Oklahoma Firefighters Pension and Retirement System will take the lead in pursuing the proposed class case on behalf of the technology and social media company’s investors, the U.S. District Court for the Central District of California said.

Investors allege Snap, which draws on user data for advertising purposes, downplayed how privacy changes the iPhone maker announced in June 2020 would challenge its ad ...