San Diego, CA -- (SBWIRE) -- 02/23/2023 -- An investor, who purchased shares of Block, Inc. (NYSE: SQ), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Block, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Block, Inc. (NYSE: SQ) have certain options and for certain investors are short and strict deadlines running. Deadline: March 2, 2023. NYSE: SQ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

San Francsico, CA based Block, Inc., together with its subsidiaries, creates tools that enables sellers to accept card payments and provides reporting and analytics, and next-day settlement.

On April 4, 2022, Block, Inc. announced that a former employee had improperly downloaded certain reports of the Company'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, the company had not disclosed this information to shareholders.

Shares of Block, Inc. (NYSE: SQ) declined from $149.00 per share on March 29, 2022, to as low as $56.01 per share on June 17, 2022.

The plaintiff alleges on behalf of purchasers of Block, Inc. (NYSE: SQ) common shares between November 4, 2021 and April 4, 2022 and that former shareholders of Afterpay securities who acquired unregistered Block, Inc. Class A common stock (and/or corresponding SQ CHESS Depository Interests ("CDI")) ("Block Shares" or "Square Securities") in direct exchange for Afterpay shares pursuant to Block's January 31, 2022 acquisition and stock-for-stock merger with Afterpay, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that, among other things, that defendants made certain material misrepresentations and omissions concerning the Merger. Additionally, the complaint alleges that between November 4, 2021 and April 4, 2022, the defendants deceived the investing public, including Plaintiff and other Class members, as alleged herein, that between November 4, 2021 and April 4, 2022, the defendants: artificially inflated and maintained the market price of Block securities; and that between November 4, 2021 and April 4, 2022, the defendants caused Plaintiff and other investors who purchased Block, Inc. (NYSE: SQ) between November 4, 2021 and April 4, 2022 to purchase or otherwise acquire Block securities at artificially inflated prices.

Those who purchased shares of Block, Inc. (NYSE: SQ) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Christopher Clausen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.