NEW
YORK, Jan. 23, 2025 /PRNewswire/ -- The Gross
Law Firm issues the following notice to shareholders
of Block, Inc. (NYSE: SQ).
Shareholders who purchased shares of SQ during the class period
listed are encouraged to contact the firm regarding possible lead
plaintiff appointment. Appointment as lead plaintiff is not
required to partake in any recovery.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/block-inc-loss-submission-form/?id=124353&from=4
CLASS PERIOD: February 26,
2020 to April 30, 2024
ALLEGATIONS: The complaint alleges that during the class period, Defendants
issued materially false and/or misleading statements and/or failed
to disclose that: (a) Block had engaged in widespread and
years-long compliance lapses at Square and Cash App, including by
failing to conduct basic due diligence regarding its customers'
identities or the nature of customer transactions so as to prevent
the platforms from being used for illegal or illicit activities;
(b) Block had effectively created a haven for widespread illegal
and illicit activities on its Square and Cash App platforms by
imposing minimal obligations on customers seeking to open accounts,
transact, and deposit or withdraw funds; encouraging the use of
bitcoin; and pressuring
the Company's banking partners to forgo ordinary know your customer
due diligence activities; (c) thousands of transactions on Square
and Cash App were made in connection with a wide variety of illegal
and illicit activities, including, inter alia, money laundering,
child sexual abuse, sex trafficking, drug trafficking, terrorism
financing, contract killings, and illicit payments to entities and
persons subject to economic sanctions; (d) Block allowed its
customers to withdraw funds even after the accounts had been
flagged for potentially illegal or illicit activities; (e) Block
customers could open up multiple accounts using fake identities in
order to engage in illegal or illicit activities; (e) Block
customers could open up multiple accounts using fake identities in
order to engage in illegal or illicit activities; (f) Block's
senior leadership and the Board had failed to correct identified
compliance deficiencies despite numerous red flags, internal
employee reports of deficiencies, and customer complaints; (g)
Block's Cash App user metrics had been artificially inflated
through the use of fake accounts and the ability of criminals and
other bad actors to open multiple accounts; and (h), as a result of
(a)-(g) above, Block was subject to a material, undisclosed risk of
its conduct being exposed, thereby exposing the Company to
reputational harm, adverse regulatory actions, the loss of business
activity, and adverse impacts to the Company's operations and
financial results.
DEADLINE: March 18, 2025
Shareholders should not delay in registering for this class action.
Register your information here:
https://securitiesclasslaw.com/securities/block-inc-loss-submission-form/?id=124353&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a
shareholder who purchased shares of SQ during the timeframe listed
above, you will be enrolled in a portfolio monitoring software to
provide you with status updates throughout the lifecycle of the
case. The deadline to seek to be a lead plaintiff is March 18, 2025. There is no cost or obligation to
you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally
recognized class action law firm, and our mission is to protect the
rights of all investors who have suffered as a result of deceit,
fraud, and illegal
business practices. The Gross Law Firm is committed to ensuring
that companies adhere to responsible business practices and engage
in good corporate citizenship. The firm seeks recovery on behalf of
investors who incurred losses when false and/or misleading
statements or the omission of material information by a company
lead to artificial inflation of the company's stock. Attorney
advertising. Prior results do not guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
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SOURCE The Gross Law Firm
