SAN DIEGO, Oct. 13, 2022 (GLOBE NEWSWIRE) — Robbins LLP Notifies investors who purchased shares of Block, Inc. (NYSE: SQ) securities between November 4, 2021 and April 4, 2022 that they may be entitled to participate in the class action lawsuit against Block, Inc. stockholders, Those wishing to be named Lead Plaintiff for the class must submit their filings by December 12, 2022. A lead plaintiff is a representative party acting on behalf of other members of the class in litigation. You do not have to be present at the case to be eligible for a recovery.

All representations are on a contingency fee basis. Shareholders pay no fees or costs.
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What is it about in this case: Block, Inc. (SQ) has failed to disclose a former employee who gained access to subsidiary Cash App Investing’s personal client information

According to the complaint, on April 4, 2022, Block announced that on December 10, 2021, a former employee improperly downloaded certain reports from the company’s subsidiary, Cash App Investing. Information in the reports included full client names and broker account numbers, as well as broker portfolio value, broker portfolio holdings, and/or stock trading activity. Up to 8.2 million Cash App Investing customers were affected. Prior to April 4, 2022, the company had not disclosed this information to shareholders. On the news, the company’s stock fell $9.27, or 6.4%, to close at $135.92 per share on April 5, 2022, hurting investors.

During the class action, the defendants failed to disclose to investors: (1) that the company lacked adequate protocols limiting access to confidential customer information; (2) that as a result, a former employee was able to download certain reports from the Company’s subsidiary, Cash App Investing, detailing full client names and brokerage account numbers, as well as brokerage portfolio value, brokerage fees…