Lead Plaintiff Deadline Approaches in Class Action Against Block
Lead Plaintiff Deadline Approaches for Block, Inc. Investors
Kahn Swick & Foti, LLC (“KSF”), along with former Louisiana Attorney General Charles C. Foti, Jr., is putting out a reminder for investors who have incurred losses exceeding $100,000 in Block, Inc. (NYSE: SQ) to take action. Investors have until March 18, 2025, to file their lead plaintiff applications in a pending securities class action lawsuit against the company. This class action primarily concerns investors who purchased Block's Class A common stock from February 26, 2020, through April 30, 2024.
What Investors Should Know
If you are one of the shareholders during the specified Class Period and wish to explore your legal options—without any cost—KSF encourages you to reach out. You can connect with KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850. This opportunity allows you to discuss your rights within the context of the lawsuit, aiming for recovery of your economic losses.
Details of the Class Action Lawsuit
This class action stems from allegations that Block and several executives failed to disclose essential information during the designated Class Period, ultimately violating federal securities laws. Recent reports have indicated that federal prosecutors are investigating the company following claims by a former employee about significant compliance issues at Block.
Compliance Issues Under Scrutiny
According to news reports, federal prosecutors are examining Block's operations for serious compliance failures. Allegations suggest that the company did not perform adequate background checks on its customers, enabling Square to process thousands of transactions with several countries under economic sanctions, including Cuba and Iran. Additionally, it's claimed that Block processed numerous cryptocurrency transactions linked to terrorist entities.
Significant Impact on Stock Value
The ramifications of these allegations were evident in the stock market. Following the reports of federal scrutiny, Block’s Class A common stock saw a sharp decline of over 8%. This drop took the stock price from $73 a share at the close on April 30, 2024, down to $66.84 by the close of the market on May 1, 2024.
About Kahn Swick & Foti, LLC
Operating as one of the leading boutique law firms specializing in securities litigation, KSF has a reputation for helping clients recover losses resulting from fraud and corporate misconduct. With a strong team led by experienced partners including former Louisiana Attorney General Charles C. Foti, Jr., KSF offers legal services to a diverse clientele, including institutional investors, hedge funds, and retail investors. The firm has established offices in key locations across the country, ensuring accessibility to clients needing legal representation.
Frequently Asked Questions
What is the deadline for filing a lead plaintiff application?
The deadline for filing lead plaintiff applications in the class action lawsuit against Block, Inc. is March 18, 2025.
How can I contact Kahn Swick & Foti, LLC?
You can contact Kahn Swick & Foti, LLC toll-free at 1-877-515-1850 for questions regarding your rights in this case.
What are the allegations against Block, Inc.?
Block, Inc. and some of its executives are accused of failing to disclose pivotal information and violating federal securities laws during the Class Period.
What impact did recent news have on Block's stock?
Recent news about investigations into Block led to a significant drop in their stock prices, falling over 8% in one day.
Who is eligible to be a lead plaintiff?
Investors who purchased Block's Class A common stock during the specified Class Period may be eligible to serve as a lead plaintiff in the case.
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