Security Investigation
Block, Inc. (NYSE: SQ)
55 Days left to seek lead plaintiff status.
Contact a Lawyer Now
Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until March 18, 2025 to file lead plaintiff applications in a securities class action lawsuit against Block, Inc. (the “Company”) (NYSE: SQ).
Block and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 1, 2024, NBC News reported that federal prosecutors were investigating the Company due to allegations by a former employee that it had engaged in wide-ranging compliance lapses at its two main units, Square and Cash App and that the employee had provided prosecutors with internal documents demonstrating that Block had failed to conduct basic due diligence on its customers, that Square had processed thousands of transactions involving countries subject to economic sanctions (including Cuba, Iran, Russia, and Venezuela), and that Block had processed multiple cryptocurrency transactions for terrorist groups.
On this news, the price of Block’s Class A common stock fell over 8%, from a closing price of $73 per share on April 30, 2024, to $66.84 per share at market close on May 1, 2024.
If you purchased shares of Block and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or fill out the form on this page.
The case is Gonsalves v. Block, Inc., No. 25-00642.