Hach Rose Schirripa & Cheverie, LLP Announces Investigation Into Block Inc.

NEW YORK, June 6, 2023 /PRNewswire/ -- Hach Rose Schirripa & Cheverie, LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of law by certain officers and directors at Block, Inc. (NYSE: SQ) ("Block" or the "Company"). Block is a payment processing technology company which processes business payments through its Square payment processing ecosystem, as well processing payments through a series of consumer-focused financial products through the Company's Cash App ecosystem. The Company was founded in February 2009 by former Twitter Chief Executive Officer Jack Dorsey.

Hach Rose Schirripa & Cheverie LLP's investigation is focused on whether Block's acquisition of short-term financing company Afterpay Limited through an exemption to the Securities and Exchange Commission's typical registration requirement for the issuance of new securities violated positive law. The investigation also focuses on Block's disclosures with respect to the Cash App business and plans to integrate Afterpay into that business, as well as compliance issues with respect to Cash App.

On October 11, 2022, a class action complaint was filed against Block in the Southern District of New York, alleging violations of the federal securities laws related to Block's acquisition of Afterpay and failure to disclose certain material information relevant to the fairness of the acquisition.

Hach Rose Schirripa & Cheverie, LLP specializes in the fields of securities, corporate governance and consumer protection litigation. The firms' attorneys have successfully litigated complex class actions in both state and federal courts through the United States and are committed to protecting investors' assets and victims of corporate wrongdoing.

If you are a current shareholder of Block common stock, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Scott R. Jacobsen at (212) 213-8311 or by email at [email protected].

SOURCE Hach Rose Schirripa & Cheverie LLP