NEW YORK, Oct. 12, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a class action lawsuit relating to securities has been filed in the United States District Court for the Southern District of New York on behalf of any person or entity that purchased Block, Inc. (“Block” or the “Company”) Q Securities between November 4, 2021 and April 4, 2022 inclusive (the “Collection Period”).

The lawsuit alleges that the defendants failed to disclose the following: (i) Block’s lack of adequate protocols limiting access to confidential customer information; (ii) As a result, a former employee was able to download certain reports from Block’s subsidiary, Cash App Investing, which contained full client names and broker account numbers and broker portfolio value, broker portfolio holdings and/or stock trading activity; and (iii) as a result, Block would be likely to suffer significant harm, including reputational damage.

On April 4, 2022, Block announced that on December 10, 2021, a former employee failed to properly download certain reports from Block’s subsidiary, Cash App Investing. Information in the reports included full client names and broker account numbers, as well as broker portfolio value, brokerage portfolio holdings, and/or stock trading activity. Up to 8.2 million Cash App Investing customers were affected. Prior to April 4, 2022, Block had not disclosed this information to shareholders. The news caused Block’s stock price to fall more than 6%, hurting investors.

Investors who have purchased or otherwise acquired Block stock should contact the company before December 12, 2022 Lead Plaintiff’s Application Deadline. A lead plaintiff is a representative party acting on behalf of other group members in conducting the litigation. If you would like to discuss your rights or interests related to this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. by Gainey McKenna & Egleston at (212) 983-1300 or by email at