---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-141748"
form_type: "8-K"
ticker: "SNAP"
cik: "0001564408"
company_name: "Snap Inc"
filed_at: "2024-05-17T23:59:59+00:00"
generated_at: "2026-06-01T15:43:32.497323+00:00"
event_type: "litigation"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Snap settles derivative lawsuit; amends special dividend trigger to 90-day VWAP $40 plus S&P 500 relative test

## Summary
- Lawsuit settled with judicial approval on Feb 26, 2024; company denies wrongdoing but avoids litigation costs.
- Special dividend condition changed from 65-day to 90-day VWAP >= $40, plus ratio of 90-day VWAP to $8.70 must equal or exceed S&P 500 ratio vs 8,862.85.
- Co-Founder Agreements with Evan Spiegel and Robert Murphy amended to reflect modified dividend condition.
- Certificate of incorporation amended effective May 16, 2024 to implement settlement terms.
- Future amendments favorable to holders now require unanimous approval of independent directors.

## SEC filing metadata
- accession: 0001193125-24-141748
- form_type: 8-K
- ticker: SNAP
- cik: 0001564408
- company_name: Snap Inc
- filed_at: 2024-05-17T23:59:59+00:00
- event_type: litigation
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 5.03, 5.07, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1564408/000119312524141748/0001193125-24-141748-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1564408/000119312524141748/d838565d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-141748
- JSON: https://secwatch.observer/filing/0001193125-24-141748.json
- Plain text: https://secwatch.observer/filing/0001193125-24-141748.txt

## Key facts
- Governance Changes
  Snap Inc: Amendment to Amended and Restated Certificate of Incorporation effectuating updates agreed in connection with the Amended Stipulation of Settlement (effective 2024-05-16).
  - Change: charter amendment
  - Effective: 2024-05-16
  source text: On May 16, 2024 our board of directors approved, and holders of an aggregate of 231,626,943 shares of our Class C common stock, representing an aggregate of over 99% of the voting power of our outstanding capital stock, acted by written consent to adopt and approve, an amendment (the “ Amendment ”) to our Amended and Restated Certificate of Incorporation (the “ Charter ”), effective May 16, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1564408/000119312524141748/0001193125-24-141748-index.htm

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