NEW YORK, April 15, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of XP, Inc. (“XP” or the “Company”) (NASDAQ: XP). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether XP and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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In December 2019, XP conducted its initial public offering (“IPO”), offering 72,510,641 shares of common stock priced at $27.00 per share. Then, on March 6, 2020, The Winkler Group published a short report questioning the accuracy of XP’s financial statements. Among other allegations, the report alleges significant discrepancies between XP’s internal audits and the financial statements that XP provided investors in its IPO prospectus. The report also alleges that “XP fired its auditor after the auditor found material weaknesses in its financial reporting[.]”
On this news, XP’s stock price fell $4.77 per share, or 13.34%, to close at $30.99 per share on March 6, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
