Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Block, Inc. (“Block” or the “Company”) (NYSE: SQ) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Block securities between November 4, 2021 and April 4, 2022, both dates inclusive (the “Class Period”). Investors have until December 12, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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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.
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 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 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.
If you purchased or otherwise acquired Block shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.