Block, Inc. (NYSE: SQ) is under investigation for potential securities claims due to allegations of issuing misleading business information to the investing public, according to the global investor rights law firm, Rosen Law Firm. Investors who purchased Block securities may be entitled to compensation through a class action seeking recovery of their losses.
In February 2024, NBC News published an article raising concerns about Cash App, the popular mobile payment platform owned by Block. The article alleged that federal regulators were examining claims made by whistleblowers that Cash App and entities providing transaction services to its users had inadequate due diligence processes, potentially enabling money laundering, terrorism financing, and other illicit activities. The news caused Block’s stock to fall by 5%.
Subsequently, in May 2024, NBC News published another article indicating that federal prosecutors were investigating financial transactions at Block. Internal documents suggested that Block had processed cryptocurrency transactions for terrorist organizations, and its subsidiary, Square, had facilitated transactions with countries subject to economic sanctions. Following this news, Block’s stock dropped by 8%.
Investors who wish to join the prospective class action can visit Rosen Law Firm’s website or contact Phillip Kim, Esq. for more information. Rosen Law Firm is recognized for its successful track record in securities class actions and shareholder derivative litigation, securing substantial settlements on behalf of investors. The firm has been ranked among the top in its field, with its attorneys receiving accolades and recognition.
Stay updated on developments by following Rosen Law Firm on LinkedIn, Twitter, and Facebook. Please note that prior outcomes do not guarantee similar results. For inquiries, reach out to Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, P.A. at their New York office.
Block, Inc. is currently facing a securities class action investigation due to allegations of misleading business information. The investigation is being conducted by the Rosen Law Firm, a global investor rights law firm. Investors who have purchased Block securities may be eligible for compensation through a class action lawsuit.
One of the key issues raised in the investigation is the concern over Cash App, a popular mobile payment platform owned by Block. In February 2024, an article published by NBC News highlighted claims made by whistleblowers that Cash App and its service providers had inadequate due diligence processes, potentially enabling money laundering, terrorism financing, and other illicit activities. This news led to a 5% decrease in Block’s stock.
In May 2024, another article by NBC News revealed that federal prosecutors were investigating financial transactions at Block. Internal documents suggested that Block had processed cryptocurrency transactions for terrorist organizations, and its subsidiary, Square, had facilitated transactions with countries subjected to economic sanctions. Following this news, Block’s stock dropped by 8%.
Investors who are interested in joining the class action can visit the Rosen Law Firm’s website or contact Phillip Kim, Esq. for more information. The Rosen Law Firm has a successful track record in securities class actions and shareholder derivative litigation, having secured substantial settlements for investors in the past.
It is important for investors to stay updated on the developments of this case. Following the Rosen Law Firm on LinkedIn, Twitter, and Facebook can provide regular updates. However, it is crucial to note that prior outcomes do not guarantee similar results in this case.
In summary, Block, Inc. is currently under investigation for securities claims due to alleged misleading business information. The concerns raised involve Cash App’s inadequate due diligence processes and the processing of cryptocurrency transactions for terrorist organizations. Investors affected by this issue may be eligible for compensation through a class action lawsuit.