Robbins LLP reminds investors who acquired shares of Block, Inc. (NASDAQ: SQ) securities between November 4, 2021 and April 4, 2022, they may be eligible to participate in the class action against Block, Inc. Shareholders who want to be appointed lead plaintiff for the class must file their papers by December 12, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery.
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What is this Case About: Block, Inc. (SQ) Failed to Disclose a Former Employee Obtained Access to Subsidiary Cash App Investing's Personal Client Information
According to the complaint, On April 4, 2022, Block 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. On this news, the Company’s stock fell $9.27, or 6.4%, to close at $135.92 per share on April 5, 2022, thereby injuring investors.
During the class period, defendants failed to disclose to investors: (1) that the Company lacked adequate protocols restricting access to customer sensitive information; (2) that, as a result, a former employee was able to download certain reports of the Company’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 (3) that the Company was reasonably likely to suffer significant damage, including reputational harm.
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