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Snap IPO Warning: Ex-Employee Says Books Are Cooked

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Snap Inc. Gets Sued For Allegedly Inflating $25B IPO Prospects By Spurned Ex-Employee

Snap Inc. Gets Sued For Allegedly Inflating $25B IPO Prospects By Spurned Ex-Employee*/

– Snap Inc. Gets Sued For Allegedly Inflating $25B IPO Prospects By Spurned Ex-EmployeeFriday, January 6, 2017 5:28 AM UTCSnap Inc., the newly minted company behind Snapchat, is about to go live on its IPO this coming March.However, a former employee is about to throw a wrench into the whole affair by suing the social media entity.The employee is accusing the company of inflating its numbers pre-IPO, which lured in investors with false data.
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Lawsuit accuses Snap of lying to investors, public ahead of IPO

Lawsuit accuses Snap of lying to investors, public ahead of IPO*/

– By Marisa Kendall / January 5, 2017 at 11:28 AMA former employee is trying to undermine Snap’s much-anticipated IPO, accusing the social media startup of lying to inflate its valuation.A lawsuit filed in Los Angeles County on Wednesday accuses Snap, formerly known as Snapchat, of making false representations to investors, advertisers, potential employees and the public as it built up hype for its offering.The Venice-based company reportedly plans to raise as much as $4 billion in an IPO early this year, which could value the company at $25 billion.
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Snap IPO Warning: Ex-Employee Says Books Are Cooked

Snap IPO Warning: Ex-Employee Says Books Are Cooked*/

– SIGN UP FOR OUR NEWSLETTERSnapchat’s social media parent, Snap, Inc., seemed headed for a $5 billion IPO until a former employee alleged in a conveniently timed lawsuit that the company misrepresented its financial position and pressured him for proprietary secrets about his former employer, Facebook.Anthony Pompliano’s complaint claims that he only ran Snapchat’s “growth and engagement team” for 3 weeks before he was terminated.His lawyer, according to the Los Angeles Times, said: “Mr.
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