A securities class action has been filed in the USDC – E.D.N.Y. against DLocal Limited (DLO) (“DLocal” or the “Company”), on behalf of a class consisting of all persons and entities that purchased or otherwise acquired DLocal securities between May 2, 2022 through May 25, 2023, both dates inclusive (the “Class Period”).
DLocal operates a payment processing platform for merchants worldwide and, as part of its operations, engages in certain foreign exchange transactions. As a result, the Company is subject to the various foreign exchange regulations and controls of the countries within which it operates, including, inter alia, Argentina, which has historically been one of the Company’s most important markets.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) DLocal engaged in certain improper conduct and transfers abroad in violation of Argentine laws and/or regulations, including, inter alia, foreign exchange regulations;
(2) accordingly, DLocal’s compliance controls and procedures, including its disclosure controls and procedures and internal controls over financial reporting, were deficient;
(3) all the foregoing subjected the Company to a heightened risk of governmental and/or regulatory scrutiny in Argentina and/or enforcement action by Argentine authorities; and
(4) as a result, the Company’s public statements were materially false and misleading at all relevant times, thereby harming investors.
If you purchased DLocal securities during the Class Period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
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