LOS ANGELES, Nov. 10, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of what’s to come December 12, 2022 Deadline for Filing a Motion by Lead Plaintiff in the Class Action Complaint Filed on Behalf of Investors Involving Block, Inc. (“Block” or the “Company”) (NYSE: Q) securities between November 4, 2021 and April 4, 2022inclusive (the “Class Period”).

If you have suffered a loss on your block investments or would like to inquire about the possibility of making claims to recover your loss under the federal securities laws, you may submit your contact information at www.glancylaw.com/cases/block-inc/. You can also contact GPM’s Charles H. Linehan at 310-201-9150, toll free at 888-773-9224, or email at [email protected] to learn more about your rights.

On April 4, 2022, Block announced that on December 10, 2021, a former employee failed to properly download 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 brokerage 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, 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.

The Complaint filed in this Class Action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, the defendants failed to disclose to investors: (1) that the company lacked adequate protocols limiting access to sensitive customer information; (2) that as a result, a former employee was able to download certain Company reports…