XP INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York against XP Inc.
LEAD PLAINTIFF DEADLINE IS MAY 20, 2020
NEW YORK, March 27, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors who purchased XP Inc. ("XP" or the "Company") (NASDAQ: XP) securities pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with the Company's December 2019 initial public offering (the "IPO" or "Offering").
All investors who purchased shares of XP Inc. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of XP Inc., you may, no later than May 20, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of XP Inc.
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In December 2019, XP completed its initial public offering ("IPO"), issuing approximately 83 million Class A shares at $27.00 per share.
On March 6, 2020, The Winkler Group published a report raising serious questions about the accuracy of XP's financials. Among other claims, the report alleged that XP failed to disclose relevant information, including: (i) undisclosed related party transactions; (ii) R$100 million in system failure expenses; (iii) great uncertainty regarding its independent financial agents ("IFAs"); (iv) the full circumstances regarding its firing and replacing its accounting firm; and (v) other undisclosed material weaknesses.
On this news, the Company's share price fell $9.12, or over 25%, over two consecutive trading sessions to close at $26.64 per share on March 9, 2020, thereby injuring investors.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
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