NEW YORK, May 11, 2024 /PRNewswire/ — WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Block, Inc. (NYSE: SQ) resulting from allegations that Block may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Block securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=24974 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
WHAT IS THIS ABOUT: On February 16, 2024, before market hours, NBC News published an article entitled “Federal regulators are probing whether Cash App leaves door open to money launderers, terrorists” which stated, among other things, that “Federal financial regulators are exploring allegations by two whistleblowers that Cash App, the popular mobile payment platform, and entities providing transaction services to its users performed inadequate due diligence on customers, potentially opening the door to money laundering, terrorism financing and other illegal activities.”
On this news, Block’s stock fell $3.84, or 5%, to close at $65.64 per share on February 16, 2024.
On May 1, 2024, before market hours, NBC News published another article entitled “Federal prosecutors are examining financial transactions at Block, owner of Cash App and Square: Internal documents indicate Block processed crypto transactions for terrorist groups and Square processed transactions involving nations subject to economic sanctions.” That article stated, among other things, that “Federal prosecutors are digging into internal practices at Block … discussing with a former employee alleged widespread and yearslong compliance lapses at the company’s two main units, Square and Cash App[.]”
On this news, Block’s stock fell $6.16, or 8%, to close at 66.84 per share on May 1, 2024.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com
SOURCE THE ROSEN LAW FIRM, P. A.
