A securities class action lawsuit has been filed in the USDC, S.D. N.Y., on behalf of purchasers of the securities of Block, Inc. (NYSE: SQ) between November 4, 2021 and April 4, 2022, both dates inclusive (the “Class Period”). If you wish to serve as lead plaintiff, you must move the Court no later than December 12, 2022.
According to the lawsuit, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that:
- Block lacked adequate protocols restricting access to customer sensitive information;
- as a result, a former employee was able to download certain reports of Block’s subsidiary, Cash App Investing, containing full customer names and brokerage account numbers, as well as brokerage portfolio value, brokerage portfolio holdings and/or stock trading activity;
- as a result, Block was reasonably likely to suffer significant damage, including reputational harm; and
- as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.
An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.