Block Class Action Lawsuit (SQ Lawsuit)
What Is The Block Lawsuit About?
The Block Class Action Lawsuit (NYSE:SQ) (Block Class Action Lawsuit) was filed when after the market closed on April 4, 2022, Block announced that a former employee had improperly downloaded certain reports of the Company’s subsidiary, Cash App Investing, on December 10,2021.
The information in the reports included full customer names and brokerage account numbers, as well as brokerage portfolio value, brokerage portfolio holdings and/or stock trading activity.
As many as 8.2 million Cash App Investing customers were affected. Prior to April 4, 2022, the company had not disclosed this information to shareholders.
Is There A Block Class Action Lawsuit?
SQ:NYSE Class Action Lawsuit (Block, Inc.) was filed on October 11, 2022 on behalf of shareholders. The lawsuit was filed because on April 4, 2022, Block announced that a former employee had improperly downloaded certain reports of the Company’s subsidiary, Cash App Investing, on December 10, 2021.
The information in the reports included full customer names and brokerage account numbers, as well as brokerage portfolio value, brokerage portfolio holdings and/or stock trading activity.
As many as 8.2 million Cash App Investing customers were affected. Prior to April 4, 2022, the company had not disclosed this information to shareholders. On this news, the Company’s stock fell $9.27, or 6.4%, to close at $135.92 per share on April 5, 2022, thereby injuring investors.
Is There A Deadline For The Block Lawsuit?
The deadline for the Block Class Action Lawsuit (NYSE:SQ) (Block Class Action Lawsuit) is December 12, 2022 for a Lead Plaintiff.
How Much Did Shareholders Lose In Block Stock?
Shareholders who held SQ securities saw stock fell $9.27, or 6.4%, to close at $135.92 per share on April 5, 2022, thereby injuring investors.
What Is The Block Lawsuit Complaint?
Levi & Korsinsky, LLP announces that a SQ class action lawsuit (Block Class Action Lawsuit) has been filed on behalf of investors who purchased Block Class Action Lawsuit (SQ) securities between November 4, 2021 – April 4, 2022, inclusive. For more on the SQ Lawsuit please contact us today.
According to the Block lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
(1) that the Company lacked adequate protocols restricting access to customer sensitive information;
(2) that, as a result, a former employee was able to download certain reports of the Company’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;
(3) that, as a result, the Company was reasonably likely to suffer significant damage, including reputational harm;
(4) and that, 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 in SQ, you have until December 12, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Why Levi & Korsinsky, LLP Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
What Is The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired SQ securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The SQ class-action lawsuit is directed by the lead plaintiff. To litigate the Block Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the SQ Class Action Lawsuit.
What Does SQ Do?
Block, Inc., together with its subsidiaries, creates tools that enables sellers to accept card payments and provides reporting and analytics, and next-day settlement.
It provides hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts Europay, MasterCard, and Visa (EMV) chip cards and Near Field Communication payments; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; Square Register that combines its hardware, point-of-sale software, and payments technology; Square Terminal, a payments device and receipt printer to replace traditional keypad terminals, which accepts tap, dip, and swipe payments.
The company also offers various software products, including Square Point of Sale; Square Appointments; Square for Retail; Square for Restaurants; Square Online and Square Online Checkout; Square Invoices; Square Virtual Terminal; Square Team Management; Square Contracts; Square Loyalty, Marketing, and Gift Cards; and Square Dashboard. In addition, it offers a developer platform, which includes application programming interfaces and software development kits.
Further, the company provides Cash App, which enables to send, spend, and store money; and Weebly that offers customers website hosting and domain name registration solutions. It serves in the United States, Canada, Japan, Australia, Ireland, France, Spain, and the United Kingdom.
The company was formerly known as Square, Inc. and changed its name to Block, Inc. in December 2021. Block, Inc. was incorporated in 2009 and is based in San Francisco, California.
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