New York, New York – (Newsfile Corp. – January 25, 2025) – WHY: Rosen Law Firm, a global investor rights law firm, announces that a shareholder filed a class action lawsuit on behalf of purchasers of Block, Inc. (NYSE: SQ) Class A common stock between February 26, 2020 and April 30, 2024. XYZ), including both dates (the “teaching period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must go to court no later than March 18, 2025.
SO AND: If you purchased Class A Block Common Stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Block class action, go to https://rosenlegal.com/submit-form/?case_id=33882 or call Phillip Kim, Esq. to. For more information, call 866-767-3653 or email cases@rosenlegal.com. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Courtt no later than March 18, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified advisors who have a track record of success in leadership roles. Companies issuing notices often do not have comparable experience, resources, or significant peer recognition. Be smart when choosing your advisor. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. At that time, Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese company. Rosen Law Firm was Ranked No. 1 by the ISS Securities Class action (WA:) Services for the number of securities class action settlements in 2017. The company has ranked in the top 4 every year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone, the company secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named a Titan of Plaintiffs’ Bar by law360. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and misleading statements and/or failed to disclose that: (1) Block had committed widespread and long-standing compliance violations at Square and Cash App, including by failing to comply with basic to undertake due diligence regarding the identity of its customers or the nature of customer transactions in order to prevent the Platforms from being used for illegal or unlawful activities; (2) Block had effectively created a haven for widespread illicit and illicit activity on its Square and Cash App platforms by imposing minimal obligations on customers seeking to open accounts, transact, and deposit or withdraw funds; promoting the use of Bitcoin; and pressure Block’s banking partners to forego normal due diligence activities to know your customers; (3) thousands of transactions on Square and Cash App were conducted in connection with a variety of illegal and illicit activities, including, but not limited to, money laundering, child sexual abuse, sex trafficking, drug trafficking, terrorist financing, contract killings, etc., and illegal payments to companies and individuals subject to economic sanctions; (4) Block allowed its customers to withdraw funds even after the accounts were flagged for potentially illegal or illicit activity; (5) Block customers could open multiple accounts using fake identities to engage in illegal or unlawful activities; (6) Block’s leadership and board had failed to address identified compliance deficiencies, despite numerous red flags, internal employee reports of deficiencies and customer complaints; Block’s Cash App user metrics were artificially inflated through the use of fake accounts and the ability of criminals and other malicious actors to open multiple accounts; and (8) as a result of the foregoing, Block was exposed to a significant undisclosed risk that its conduct would be disclosed, thereby exposing Block to reputational harm, adverse regulatory action, loss of business and adverse effects on Block’s financial results. When the true details came to light, the lawsuit says investors suffered harm.
To join the Block class action, go to https://rosenlegal.com/submit-form/?case_id=33882 or call Phillip Kim, Esq. to. For more information, call 866-767-3653 or email cases@rosenlegal.com.
No class has been certified. Until a course is certified, you will not be represented by legal counsel unless you hire one. You can choose a lawyer of your choice. You can also remain an absent course participant at this point and do nothing. An investor’s ability to participate in any potential future recovery is not dependent on serving as lead plaintiff.
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