According to a lawsuit filed in L.A. Superior Court by former employee Anthony Pompliano, Snapchat has been faking its growth numbers in order to boost its value in an upcoming IPO. Pompliano, Snapchat's "growth lead", says he was hired away from his position at Facebook to provide confidential and proprietary information about Facebook's systems and was subsequently fired, after only three weeks on the job, for blowing the whistle on the company’s growth misrepresentations with several higher-ups. Per Variety:
“Snapchat’s leadership saw Mr. Pompliano as an impediment to their planned IPO because he refused to turn a blind eye to Snapchat’s misrepresentations,” the lawsuit alleges.
Pompliano also alleges that after he was fired, Snapchat set about smearing his reputation.
“His opportunities have been compromised significantly,” said Pompliano’s attorney, David Michaels. “He’s had difficulty securing employment. It would be a red flag to an employer that you were there for three weeks and were terminated. We believe when they make the inquiry to Snapchat, they hear a bunch of lies.”
While much of the lawsuit it blacked out, it seemingly points out specific metrics that were allegedly misrepresented in the company's IPO documentation.
The lawsuit goes on to allege that Pompliano was fired after he was deemed to be "an impediment to their planned IPO" and after repeatedly refusing to violate the terms of his confidentiality and non-solicitation agreements signed with Facebook.
The full lawsuit, which unfortunately will not automatically self destruct after 3 seconds, can be viewed below:
I just snapped a log off!
Weiner recommended it to me but Snapchat didn't render my cock pic quite right so I stopped using it...
Another social media who's metrics are allegedly misrepresented?!
Like FB and TWTR.
#lying
I can't speak to the lying metrics but I do know that women love that thing. My wife and sister in-law and all their girl friends use that shit constantly.
Speaking of Anthony Wiener, whats going on with those yahoo emails that had evidence of Black Mail material and pedophilia these days. Huma's emails? Where is Huma?
They need to portray a big user base they, still need to convince N54 and get all those money from PR15M
I a mean the F3d mon3y is as real as the user base limitless.
Fake news, fake teeth, fake user, fake money, fake growth, fake tits...
Fake America Great Again
Fake it 'til you make it.
That is how you get rewarded. Come on guys! What! Do you need a refresher course?
It's all "rewards for lying" now! That's why they all lie! Every fucking one of them!
Bankster Mentality has infected the world!
The Fed lies about the creation of fake US currency ... this encourages / rewards others to do the same. A country's currency and the TRUST in that currency has been the greatest factor in the relative success of the USA versus "the rest".
Once the gold window was shut, and the gold standard mothballed, TRUST was replaced with the Fed saying "Trust Me". Trump et al understand that this is what is at stake. RINOs and DEMs don't care, too shallow to understand.
People thinking about investing in an app company focused on the teen 'look at my dinner/look at my shit in this toilet bowl" market deserve to lose their money. I'm surprised snapchat is still a thing.
Au Contraire, I just asked my 21 year old Nephew if he still uses Snap and he said 'almost exclussively for social media." FB is out and he follows a few on Twitter but doesn't tweet. All his frineds on campus supposedly do the same. I think they all suck and this IPO will eventually look a lot like TWTR's run. JM2C.
Too big?
Bitcock bro?
Dragbin, Snapchat refused to Photoshop your dick beyond life sized.
Can't take a little smokie to a bratwurst party, hoser.
Pets.com please call your office, a Mr. MySpace is calling...
Wasn't that a fun time to be alive! IPO's flying off the shelf and Tech companies with negative P/E trading through the roof... Reminds me of... well... today.
%99 of companies who are traded do this. I have worked for a few of them over the years, tech is easier to hide the real numbers but even the car companies just came out with totaly fake sales numbers for Dec....you can bet if they have a stock you can purchase, they lie about sales figures.
The EYEBOB lawsuit will be the icing on the cake.
Fuckbook and twatter got away with it
TESLA, UBER, SNAPCHAT, TWITTER... THEY ARE ALL FRAUDS.
When all these unicorns come crashing down we can all celebrate. Capitalism can be deceived, but you can't make pigs fly for long.
Snapchat is a fucking gash idea. Send a picture that expires in 5 seconds? My phones ability to screenshot has something to say about that.
Do banks put their interests ahead their clients'? Did [insert politician X] lie to get elected? Is the sun the center of the solar system? Is bourbon delicious?
"Is the sun the center of the solar system?" Kinda-sorta. Our sun actually has a small orbit and like the planets, orbits around the center of the solar system. But the center of the solar system =/= center of the sun.
Not being pedantic, just throwing out some trivia :^D
Old fake news.
What is snap chat?
What is snap chat?
What is snap chat?
I worked in the internet for 10+ years and all of the audience metrics are bogus. For all of them.
Naa, that doesn't happen on Wall St
Just ask Suckerberg