secwatch.observer — SEC 8-K summary
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Issuer:     Snap Inc (SNAP)
CIK:        0001564408
Form:       8-K
Filed at:   2023-06-21T23:59:59+00:00
Accession:  0001193125-23-171259
Event type: litigation
Sentiment:  neutral
Materiality: 0.45
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1564408/000119312523171259/0001193125-23-171259-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1564408/000119312523171259/d489025d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-171259

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