Snap Inc. has entered into an Amended Stipulation of Settlement to resolve a class action lawsuit initially filed on August 2, 2022, by the City of Warwick and later by the Greater Pennsylvania Carpenters' Pension Fund. The lawsuit alleged that a transaction between Snap's co-founders and the company, which included employment agreements and an amendment to the certificate of incorporation tied to a stock dividend, was not in the best interest of Class A stockholders and breached fiduciary duties. The settlement, which includes an amendment to the terms of a special dividend and the co-founder agreements, was approved by the court on February 26, 2024. Additionally, on May 16, 2024, Snap's board of directors and a majority of voting power holders approved an amendment to the company's Charter in line with the settlement terms. The amendments to the co-founder agreements were made to reflect the new conditions for the special dividend declaration and impose conditions for future amendments.

Snap Inc. has entered into an Amended Stipulation of Settlement to resolve a class action lawsuit initially filed on August 2, 2022, by the City of Warwick and later by the Greater Pennsylvania Carpenters' Pension Fund. The lawsuit alleged that a transaction between Snap's co-founders and the company, which included employment agreements and an amendment to the certificate of incorporation tied to a stock dividend, was not in the best interest of Class A stockholders and breached fiduciary duties. The settlement, which includes an amendment to the terms of a special dividend and the co-founder agreements, was approved by the court on February 26, 2024. Additionally, on May 16, 2024, Snap's board of directors and a majority of voting power holders approved an amendment to the company's Charter in line with the settlement terms. The amendments to the co-founder agreements were made to reflect the new conditions for the special dividend declaration and impose conditions for future amendments.