NYSE: SQ

Block, Inc.

Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Block, Inc. (NYSE: SQ) resulting from allegations that Block may have issued materially misleading business information to the investing public.

If you purchased Block securities and would like to join the prospective action, please click “Join This Class Action.”

If you purchased Block securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

案件详情:

On February 16, 2024, before market hours, NBC News published an article entitled “Federal regulators are probing whether Cash App leaves door open to money launderers, terrorists” which stated, among other things, that “Federal financial regulators are exploring allegations by two whistleblowers that Cash App, the popular mobile payment platform, and entities providing transaction services to its users performed inadequate due diligence on customers, potentially opening the door to money laundering, terrorism financing and other illegal activities.”

On this news, Block’s stock fell $3.84, or 5%, to close at $65.64 per share on February 16, 2024.

On May 1, 2024, before market hours, NBC News published another article entitled “Federal prosecutors are examining financial transactions at Block, owner of Cash App and Square: Internal documents indicate Block processed crypto transactions for terrorist groups and Square processed transactions involving nations subject to economic sanctions.” That article stated, among other things, that “Federal prosecutors are digging into internal practices at Block … discussing with a former employee alleged widespread and yearslong compliance lapses at the company’s two main units, Square and Cash App[.]”

On this news, Block’s stock fell $6.16, or 8%, to close at 66.84 per share on May 1, 2024.

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