SAN DIEGO, Oct. 13, 2022 (GLOBE NEWSWIRE) — Robbins LLP notifies investors who hold shares in Block, Inc. Q securities between November 4, 2021 and April 4, 2022, they may be eligible to participate in the class action lawsuit against Block, Inc. Shareholders who wish to be named lead plaintiff in the class action must file their filings by December 12, 2022. The plaintiff is a representative party acting on behalf of other group members in the 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.
If you would like more information about Block, Inc.’s wrongdoing, click here here.
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) as a result, a former employee was able to download certain reports from the Company’s subsidiary, Cash App Investing, that contained full client names and broker account numbers, as well as broker portfolio value, broker portfolio holdings and/or stock trading activity; …