NEW YORK, NY / ACCESSWIRE / June 9, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Block, Inc. ("Block" or the "Company") (NYSE:SQ). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, 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 May 1, 2024, NBC News published an article reporting that "[f]ederal 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," citing "two people with direct knowledge of the contacts". The article reported that "the former employee provided prosecutors from the Southern District of New York documents that they say show that insufficient information is collected from Square and Cash App customers to assess their risks, that Square processed thousands of transactions involving countries subject to economic sanctions and that Block processed multiple cryptocurrency transactions for terrorist groups."
On this news, Block's stock price fell $6.16 per share, or 8.44%, to close at $66.84 per share on May 1, 2024.
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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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