INVESTOR DEADLINE: Block, Inc. Investors Suffering Substantial Losses Have Opportunity to File Class Action – SQ

SAN DIEGO–(BUSINESS WIRE)–Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of securities of Block, Inc. (NYSE: SQ) between November 4, 2021 and April 4, 2022, both dates inclusive (the “Class Period”) have until December 12, 2022 to seek appointment as lead applicant in the To block class action. Subtitle Esposito c. Block, 22-cv-08636 (SDNY), the To block The class action accuses Block and some of its top executives of violating the Securities Exchange Act of 1934.

If you have suffered substantial losses and wish to act as the lead plaintiff of the To block class action, please provide your information here:

You can also contact a lawyer JC Sanchez of Robbins Geller by calling 800/449-4900 or emailing [email protected].

CASE ALLEGATIONS: Block, formerly known as Square Inc., is a technology company that creates financial services tools. Block’s segments include Square, which provides financial tools for sellers, and Cash App, which provides financial tools for individuals.

The To block The class action alleges that the defendants throughout the class period failed to disclose that: (i) Block did not have adequate protocols in place limiting access to sensitive customer information; (ii) as a result, a former employee was able to download certain reports from Block’s subsidiary, Cash App Investing, containing the full names of clients and brokerage account numbers, as well as the value of the brokerage portfolio, the holdings of the brokerage portfolio and/or stock trading activity; and (iii) as a result, Block was reasonably likely to suffer material harm, including damage to its reputation.

On April 4, 2022, Block announced that a former employee improperly downloaded certain reports from Block’s subsidiary, Cash App Investing, on December 10, 2021. Information in the reports included full client names and phone numbers. brokerage account, as well as the brokerage portfolio. value, brokerage portfolio holdings and/or stock trading activity. No less than 8.2 million Cash App Investing customers have been affected. Prior to April 4, 2022, Block had not disclosed this information to shareholders. At this news, Block’s stock price fell more than 6%, hurting investors.

THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased or acquired securities in the block during the class action period to seek appointment as a lead plaintiff. A principal plaintiff is generally the plaintiff with the greatest financial interest in the relief sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members by directing the To block class action. The main plaintiff can select a law firm of his choice to plead To block class action. An investor’s ability to participate in any potential future takeover does not depend on its status as the lead claimant of the To block class action.

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 No. 1 in 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 firm from plaintiffs. With 200 attorneys in 9 offices, Robbins Geller is one of the largest plaintiffs firms in the world and the firm’s attorneys have secured many of the largest securities class action recoveries in history, including the largest never-recorded securities class action recovery – $7.2 billion – in In re Enron Corp. Dry. Litigation Please visit the following page for more information:

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