#United States #New York #Inc. #Securities Fraud #Block #NYSE SQ

Block, Inc. Faces Class Action Lawsuit

On February 4, 2025, Levi & Korsinsky, LLP announced that they are representing investors in Block, Inc. (Block or the Company), traded as NYSE: SQ, in a class action securities lawsuit. The legal proceedings focus on significant claims made regarding the company's compliance with securities laws and its impact on investors between February 26, 2020, and April 30, 2024.

Allegations Against Block, Inc.

The lawsuit brings serious allegations forward, claiming that Block engaged in widespread compliance failures at both its Square and Cash App platforms. Among these allegations are:

• - The company allegedly did not perform adequate due diligence regarding its customers’ identities, leading to the platforms being exploited for illegal activities.
• - Reporting claims that thousands of transactions facilitated through Square and Cash App were tied to serious illicit actions, including money laundering, child exploitation, drug trafficking, and more.
• - There are assertions that customers could create multiple accounts using false identities and that the company failed to heed numerous internal reports regarding these compliance deficiencies.

The allegations suggest that Block’s management, including its senior leadership and Board of Directors, ignored multiple warning signs and did not take appropriate measures to correct compliance issues reported by employees and customers.

As a result of these alleged transgressions, many investors have suffered financial losses. The lawsuit aims to recover those losses and to hold Block accountable for these purported fraudulent activities.

What Should Affected Investors Do?

For Block investors who believe they may be affected by this class action lawsuit, it is essential to act before the cutoff date of March 18, 2025, to request to be appointed as the lead plaintiff. This request must be filed in order to potentially share in any recovery made by the court.

It is crucial for affected investors to consult with legal professionals who specialize in securities litigation to understand their rights and options. Levi & Korsinsky emphasizes that participation in this class action has no costs to the members, and compensation will be available without any out-of-pocket financial burdens.

The Reputation of Levi & Korsinsky

Levi & Korsinsky, LLP has built a formidable reputation in the field of securities litigation over the past two decades. The firm has been instrumental in obtaining hundreds of millions of dollars for shareholders affected by fraudulent practices. They have ranked in the top tier of securities litigation firms and have a dedicated team ready to assist investors in this current case against Block, Inc.

If you feel equally troubled by the allegations against Block or have questions regarding your standing as a Class Member, you can reach out to Joseph E. Levi or Ed Korsinsky at their New York office. They provide contact details including phone numbers and email for direct inquiries.

Conclusion

The ramifications of this class action suit can significantly influence both Block, Inc.'s reputation and financial standing. Affected investors should remain vigilant and consider their legal rights as this case progresses, staying informed and proactive to ensure their interests are represented. For more details, investors can visit the official website of Levi & Korsinsky or get in touch directly through the provided contact information.

The deadline for filing your claims is approaching quickly, and it is important to act now if you were a stakeholder during the claimed periods of misconduct. Stay informed, stay protected.