Snap shares traded lower ahead of the U.S. market open as investors weighed a 9th U.S. Circuit Court of Appeals ruling and a large insider stock sale. One premarket report based on Gate market data said losses widened to 15%, while another cited the stock down 3.52% at $5.22 Monday morning. The appeals court allowed more than 3,000 consolidated lawsuits over Snapchat design features to move toward trial, finding Section 230 of the Communications Decency Act operates as an affirmative defense rather than blanket immunity from suit. Separate regulatory filings showed Chief Technology Officer Robert Murphy sold 4 million Class A shares for about $21.6 million under a Rule 10b5-1 trading plan, adding to bearish sentiment.