Shareholder rights law firm Robbins LLP announces that it is investigating XP, Inc. (NASDAQ: XP) for alleged violations of the Securities Act of 1933 pursuant to the company's December 2019 initial public offering ("IPO") and whether the Company's officers and directors breached their fiduciary duties to shareholders. XP operates technology-driven financial services platform that provides financial products and services in Brazil.
If you suffered a loss as a result of XP's misconduct, click here.
XP, Inc. (XP) Accused of Misleading Shareholders in IPO Registration Statement
XP held its IPO on December 13, 2019, offering approximately 83 million shares at $27.00 per share for net proceeds of approximately $1,100 million. Then, on March 6, 2020, The Winkler Group released a report stating that XP had misled investors and failed to disclose pertinent information in its Registration Statement, including: (i) undisclosed related party transactions; (ii) $100M in system failure expenses; (iii) great uncertainty with regard to its independent financial agents; and (iv) the full circumstances regarding its firing and replacing its accounting firm KPMG for PwC, as well as other undisclosed material weaknesses. On this news, XP's share price fell $9.12, or almost 26%, to close at $26.64 per share on March 9, 2020. The stock has yet to recover.
XP, Inc. (XP) Shareholders Have Legal Options
Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsllp.com
Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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