Snap Inc. is facing a federal securities lawsuit in the District of Delaware by a shareholder who claims nine of the company’s directors and officers made more than $1 billion selling artificially inflated stock.

The complaint, filed Wednesday by Bielli & Klauder and Levi & Korsinsky, says officials of California-based Snap were aware of the negative impact changes to Apple’s data privacy standards would have on advertising revenue well before the public was made aware.

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