SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Block, Inc. - SQ
NEW YORK, April 19, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Block, Inc. ("Block" or the "Company") (NYSE: SQ). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Block and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 23, 2023, Hindenburg Research ("Hindenburg") published a report on block entitled "Block: How Inflated User Metrics and 'Frictionless' Fraud Facilitation Enabled Insiders To Cash Out Over $1 Billion." Citing "dozens of interviews with former employees, partners, and industry experts, extensive review of regulatory and litigation records, and FOIA and public records requests", the Hindenburg report alleges that "Block has systematically taken advantage of the demographics it claims to be helping. The 'magic' behind Block's business has not been disruptive innovation, but rather the company's willingness to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology, and mislead investors with inflated metrics."
On this news, Block's stock price fell $10.77 per share, or 14.82%, to close at $61.88 per share on March 23, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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