BLOCK, INC. SHAREHOLDERS MAY HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, is investigating whether Block, Inc. (“Block” or the “Company”) (NYSE: SQ) violated federal securities laws.
If you own Block stock and would like to discuss your legal rights and options, please Peter Allocco at (212) 951-2030 or email@example.com.
On March 23, 2023, Hindenburg Research alleged that Block misrepresented to investors the number of people using Cash App and the costs of acquiring them. Hindenburg also alleged that users made transactions through Cash App for illegal activity and helped facilitate fraud linked to coronavirus pandemic aid.
According to the report, “[f]ormer employees described how Cash App suppressed internal concerns and ignored user pleas for help as criminal activity and fraud ran rampant on its platform.”
On this news, shares of Block common stock dropped $10.77 per share, or over 14%, to close at $61.88 per share on March 23, 2023.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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