The Law Offices of Frank R. Cruz Announces Investigation of Block, Inc. (SQ) on Behalf of Investors
LOS ANGELES , March 23 /Businesswire/ - The Law Offices of Frank R. Cruz announces an investigation of Block, Inc. (“Block” or the “Company”) (NYSE: SQ) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On March 23, 2023, Hindenburg Research published a report (the “Report”) alleging that “Block has systematically taken advantage of the demographics it claims to be helping” and that the Company has demonstrated a “willingness to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology, and mislead investors with inflated metrics.” The Report also alleges that Block “has wildly overstated its genuine user counts and has understated its customer acquisition costs” and that Block’s approach to compliance “made it easy for bad actors to mass-create accounts for identity fraud and other scams, then extract stolen funds quickly.”
On this news, Block’s share price fell $10.77, or 14.8%, to close at $61.88 per share on March 23, 2023, thereby injuring investors.
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If you purchased Block securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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