San Diego, CA -- (SBWIRE) -- 11/03/2021 -- Certain directors of StoneCo Ltd are under investigation on over potential breaches of fiduciary duties.

Investors who purchased shares of StoneCo Ltd. (NASDAQ: STNE) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain StoneCo Ltd. directors breached their fiduciary duties and caused damage to the company and its shareholders.

Cayman Islands based StoneCo Ltd. provides financial technology solutions to merchants and integrated partners to conduct electronic commerce across in-store, online, and mobile channels in Brazil.

On August 30, 2021, after the market closed, StoneCo Ltd. announced its second quarter 2021 financial results, reporting an 8.1% year-over-year decrease in revenue "mainly due to adjustments in credit fair value and significantly lower credit disbursements." Further stating, the "credit business remains in the early stages and we made some mistakes in our execution, especially not foreseeing how the malfunctioning of the registry system could harm our business. So we decided to take a cautious approach and implemented some prudent actions, like temporarily stopping the disbursement of credit and increasing coverage for potential future losses, which impacted our reported results for the quarter." Likewise, StoneCo thinks it could take three to six months before it can resume operations as normal.

Shares of StoneCo Ltd. (NASDAQ: STNE) declined from $53.96 per share on August 25, 2021, to $30.71 per share on October 11, 2021.

Those who purchased shares of StoneCo Ltd. (NASDAQ: STNE) have certain options and should contact the Shareholders Foundation.

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

About Shareholders Foundation, Inc.
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.