According to BI, Reggie Brown filed suit against Snapchat co-founders Evan Spiegel (pictured above) and Bobby Murphy, claiming that he is also a co-founder and deserves one-third equity in the popular app. Brown, Murphy and Spiegel reportedly were frat brothers at Stanford University.
Snapchat is a mobile app popular among teens that enables users to send photo and text messages that self-destruct in a matter of seconds. Earlier this month, Facebook, which is losing its grip on the teen audience, reportedly tried to acquire Snapchat for more than $3 billion — a deal that ultimately was turned down by the Venice Beach, Calif.-based startup.
Speculation is that Brown will ultimately receive a generous settlement from Snapchat, similar to the one the Winkelvoss Brothers got from Facebook’s Mark Zuckerberg for their claim that the original idea for the site was theirs.
Perhaps Murphy and Speigel are waiting until the settlement with Brown is reached before seriously entertaining offers for Snapchat. Citing court documents, BI reports that Brown had previously agreed to a 20-percent stake, but is now a more generous piece of the pie.