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Securities Class Action: Block Inc.

DATE: October 14, 2022

INVESTOR ALERT: Berger Montague PC Advises Investors of a Securities Fraud Class Action to Recover Losses For Those Who Purchased Block, Inc. (NYSE: SQ); Lead Plaintiff Deadline is December 12, 2022

 PHILADELPHIA, October 14, 2022Berger Montague advises investors that a securities fraud class action has been filed against Block, Inc. (“Block”) (NYSE: SQ) on behalf of those who purchased Block securities between November 4, 2021 and April 4, 2022, inclusive (the “Class Period”).

Investor Deadline:  Investors who purchased or acquired Block securities between November 4, 2021 and April 4, 2022 may no later than December 12, 2022, seek to be appointed as a lead plaintiff representative of the class.  For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected].net or (215) 875-3093, or Andrew Abramowitz at [email protected] or (215) 875-3015 or visit:   https://investigations.bergermontague.com/block-inc/

Block, formerly known as Square Inc., is a technology company that creates financial service tools. Its segments include Square, which offers financial tools for sellers, and Cash App, which provides financial tools for individuals.

On April 4, 2022, Block announced that a former employee had improperly downloaded certain reports of Block’s subsidiary, Cash App Investing, on December 10, 2021. The information in the reports included full customer names and brokerage account numbers, as well as brokerage portfolio value, brokerage portfolio holdings and/or stock trading activity. As many as 8.2 million Cash App Investing customers were affected. Prior to April 4, 2022, Block had not disclosed this information to shareholders.

Following this news, Block’s stock fell $9.27, or 6.4%, to close at $135.92 per share on April 5, 2022.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

 

 

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