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The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Block, Inc. securities between November 4, 2021 and April 4, 2022, both dates inclusive (the “Class Period”) have until December 12, 2022 to seek appointment as lead plaintiff in the Block class action lawsuit. Captioned Esposito v. Block, Inc., No. 22-cv-08636 (S.D.N.Y.), the Block class action lawsuit charges Block and certain of its top executives with violations of the Securities Exchange Act of 1934.
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.
CASE ALLEGATIONS: Block, formerly known as Square Inc., is a technology company that creates financial service tools. Block’s segments include Square, which offers financial tools for sellers, and Cash App, which provides financial tools for individuals.
The Block class action lawsuit alleges that defendants throughout the Class Period failed to disclose that: (i) Block lacked adequate protocols restricting access to customer sensitive information; (ii) as a result, a former employee was able to download certain reports of Block’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; and (iii) consequently, Block was reasonably likely to suffer significant damage, including reputational harm.
On April 4, 2022, Block announced that a former employee had improperly downloaded certain reports of Block’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, Block had not disclosed this information to shareholders. On this news, Block’s stock price fell by more than 6%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Block securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Block class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Block class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Block class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
