Gross Law Firm Alerts Block, Inc. Investors About Class Action Lawsuit and Important Deadlines

Class Action Lawsuit Alert: Block, Inc. Investors

The Gross Law Firm has issued a crucial notification to shareholders of Block, Inc. (NYSE: SQ), urging those who purchased shares during a specified class period to take action amidst serious allegations against the company. This class action focuses on potential misrepresentations and failures related to compliance practices at Block's platforms, Square and Cash App.

Important Dates

Shareholders who bought shares from February 26, 2020, to April 30, 2024, are particularly encouraged to reach out regarding the possibility of being appointed as lead plaintiff. The deadline for this registration is March 18, 2025. Participating in the lawsuit does not require being named as a lead plaintiff, making it accessible for all affected parties.

Allegations Against Block, Inc.

The allegations outlined in the lawsuit are severe and concern the following points:

1. Compliance Failures: Block, Inc. is accused of having significant lapses in compliance regarding customer identity verification and transaction monitoring, which facilitated illegal activities on its platforms.
2. Widespread Illegal Activities: The complaint highlights that the platforms were used for various illicit activities including money laundering, human trafficking, and drug-related crimes due to inadequate safeguards and controls.
3. Multiple Account Abuse: It is alleged that customers were able to exploit the system by opening multiple accounts using fake identities, circumventing regulatory checks designed to prevent fraud.
4. Leadership Negligence: The leadership of Block, Inc. apparently failed to address or rectify known compliance issues despite being presented with multiple red flags by employees and customers.
5. Artificial User Metrics: The suit claims that user metrics for Cash App were misleadingly inflated, suggesting a healthy platform when, in fact, many accounts were fraudulent.

Immediate Steps for Shareholders

To participate in this class action, gross law firm advises shareholders to register by providing their information via the registration link before the March 18 deadline. Once registered, shareholders will have access to portfolio monitoring software for updates regarding the case's progress. This service comes at no cost, making it easier for individuals to stay informed without burdening them financially.

The Role of the Gross Law Firm

The Gross Law Firm, known nationally for advocating on behalf of investors, aims to hold companies accountable for their actions. Their commitment to legal integrity focuses on protecting shareholder rights against deceitful and fraudulent practices by corporations. The firm's attorneys are dedicated to recovering losses incurred by investors due to misleading information and non-disclosure of vital data pertaining to financial performance.