---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-171259"
form_type: "8-K"
ticker: "SNAP"
cik: "0001564408"
company_name: "Snap Inc"
filed_at: "2023-06-21T23:59:59+00:00"
generated_at: "2026-06-13T20:00:29.043107+00:00"
event_type: "litigation"
sentiment: "neutral"
materiality_score: 0.45
calibrated_materiality_score: 0.45
confidence: "high"
source: SEC EDGAR
---

# Snap settles stockholder lawsuit; modifies special dividend condition to include 90-day VWAP and S&P 500 ratio test

## Summary
- Settlement reached June 13, 2023 in class action over co-founder transaction and charter amendment without separate Class A vote.
- Special dividend condition changed: 90-day VWAP must be ≥ $40 and ratio of 90-day VWAP to $8.70 (May 10 close) must ≥ S&P 500 ratio.
- Fairness hearing scheduled for September 7, 2023 in Delaware Court of Chancery.
- Defendants deny all allegations but settle to avoid litigation costs and distractions.
- Class members can obtain long-form notice at www.snapstockholderlitigation.com or call 1-877-495-0883.

## SEC filing metadata
- accession: 0001193125-23-171259
- form_type: 8-K
- ticker: SNAP
- cik: 0001564408
- company_name: Snap Inc
- filed_at: 2023-06-21T23:59:59+00:00
- event_type: litigation
- sentiment: neutral
- materiality_score: 0.45
- calibrated_materiality_score: 0.45
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1564408/000119312523171259/0001193125-23-171259-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1564408/000119312523171259/d489025d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-171259
- JSON: https://secwatch.observer/filing/0001193125-23-171259.json
- Plain text: https://secwatch.observer/filing/0001193125-23-171259.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.