Understanding the Block, Inc. (NYSE: SQ) Class Action Update
Important Notice for Block, Inc. Shareholders
The Gross Law Firm extends a significant announcement for shareholders of Block, Inc. (NYSE: SQ). This notice is crucial for anyone who has invested in Block during the specified class period.
Class Action Lawsuit Details
Shareholders who purchased shares of SQ during the designated period are strongly encouraged to seek out the firm regarding potential lead plaintiff appointments. Importantly, you do not need to be appointed as a lead plaintiff to be eligible for any recovery.
Class Period Specifics
The class period established runs from February 26, 2020, to April 30, 2024. It is imperative for shareholders to be aware of this timeline.
Allegations Against Block, Inc.
The allegations in the lawsuit state that during this period, Block, Inc. made several materially false or misleading statements, failing to disclose critical compliance issues. Among the key allegations are:
Widespread Compliance Failures
Block is accused of having serious lapses in compliance, which included inadequate due diligence on customer identities and transaction natures, enabling potential illegal activities via its platforms.
Facilitation of Illicit Activities
It is alleged that Block's platforms, Square and Cash App, became breeding grounds for a variety of illegal activities such as money laundering, child sexual exploitation, and drug trafficking, due to lax account opening and transaction monitoring processes.
Account Misuse
Moreover, Block reportedly allowed customers to withdraw funds even after their accounts showed signs of illicit activities. This approach enabled numerous transactions tied to illegal practices.
Failure to Address Internal Concerns
Despite numerous internal warnings and employee reports regarding compliance deficiencies, it is alleged that Block's senior leadership and Board took insufficient corrective measures.
Upcoming Deadlines
The critical deadline for shareholders to register for this class action is March 18, 2025. It is vital for affected investors to take prompt action.
Next Steps for Affected Shareholders
After registering, shareholders who purchased shares of SQ will be included in a portfolio monitoring service. This service will provide regular updates regarding the lawsuit's progress. There is no cost associated with participating in this case.
Why Choose Gross Law Firm?
The Gross Law Firm is a well-respected class action law firm dedicated to defending investor rights. The firm stands by its mission to ensure that businesses operate ethically and transparently, protecting investors from fraudulent practices. By holding companies accountable for misleading statements and actions, the Gross Law Firm aims to help investors recover losses.
Contacting the Gross Law Firm
If you are a shareholder or require further clarification, you can reach out to the Gross Law Firm at:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Phone: (646) 453-8903
Frequently Asked Questions
What is the class action lawsuit about?
The class action lawsuit involves allegations against Block, Inc. for misleading statements and compliance failures that allowed for the facilitation of illegal activities on its platforms.
Who can register for the class action?
Shareholders who purchased shares of Block, Inc. (NYSE: SQ) during the class period from February 26, 2020, to April 30, 2024, can register for the class action.
What is the deadline to participate?
The deadline for shareholders to register for the class action lawsuit is March 18, 2025.
Is there any cost to participate in the case?
No, there is no cost or obligation for shareholders to participate in this litigation.
How can I stay updated on the case's progress?
Once registered, you will receive updates through a portfolio monitoring service that tracks the lawsuit's status.
About The Author
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