Former Employee Claims Company Lied To Investors

Maxine SotoJan 08, 2017

Anthony Pompliano says "the avarice of the small group of executives at the helm" of Snapchat and his refusal to participate in the company's "institutional pandemic" of misrepresentation led to his unlawful termination.

A lawsuit filed in Los Angeles claims Snapchat "will not let anything stand in the way of an IPO, including its obligations to represent material facts accurately".

He said he was sacked after blowing the whistle on the company's misrepresentations with several higher-ups. Snap refuted the claim.

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Snap, the parent company of Snapchat, have dismissed the allegations as "made up by a disgruntled former employee", adding the accusations "have mo merit". After he lost his job at Snap, Pompliano also says the company ruined his future job prospects by lying to recruiters who called to ask about his performance there. The suit also alleges Snapchat only hired Pompliano for the "nefarious objective of obtaining Facebook's confidential and proprietary information" and has since "sought to destroy his career and reputation".

Snap vp of communications Mary Ritti sent The Hollywood Reporter a statement Wednesday night: "We've reviewed the complaint".

A former employee has filed a lawsuit against Snapchat company Snap Inc, alleging that he was wrongfully terminated as a result of refusing to partake in the company's false representations of metrics in an effort to inflate its initial public offering (IPO) value.

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Pompliano raised concerns about misrepresentations to three superiors to no avail, according to the filing. He has alleged in his filings that the reason quoted for his termination was also falsified, which has made it hard for him to find another job in the industry.

Outside the law court, Snapchat is also engaged in a fierce battle with Facebook to win over consumers. According to the complaint, Snap has told employees and social media executives that Pompliano was incompetent, hindering his ability to find a new job.

One of the Biggest rivals of Facebook Inc. But 2016 saw only $1.2 billion raised on 11 deals - fewer than half as many deals as a year ago and only 70 percent of the cash raised. In the past couple of years, Facebook has shamelessly ripped off some of Snapchat's most popular features, like ephemeral stories, and implemented them into Facebook properties, namely Instagram. "This is about a format, and how you take it to a network and put your own spin on it".

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