#United States #New York #Class Action #Levi Korsinsky #Block Inc

Legal Notice: Class Action Lawsuit Against Block, Inc.

New York, February 7, 2025 — Levi & Korsinsky, LLP, a firm renowned for its commitment to investor rights, has alerted investors in Block, Inc. (NYSE: XYZ) about an impending class action securities lawsuit. This action is designed to protect shareholders who suffered financial losses due to alleged misconduct during the specified period from February 26, 2020, to April 30, 2024.

Understanding the Class Action Lawsuit

The class action seeks to recover damages for investors misled by the Company’s alleged fraudulent activities. Notably, the complaint highlights various significant compliance failures that Block engaged in while operating its platforms, Square and Cash App. These lapses have reportedly facilitated illegal activities, ranging from money laundering to terrorism financing.

Key Allegations

The complaint asserts that:

• - Block has experienced extensive compliance lapses at both Square and Cash App, failing to verify user identities and scrutinize transactions adequately.
• - The company’s negligence allowed criminal activities, essentially creating a platform that could be exploited without stringent checks.
• - Numerous allegations include the facilitation of money laundering, drug trafficking, and other serious illegal acts through Block's services.
• - Internal warnings and user reports regarding compliance deficiencies were overlooked by Block’s leadership.
• - The reported user growth metrics for Cash App were allegedly inflated due to the lack of control over account creation, allowing multiple accounts to be opened using fictitious identities.

What This Means for Investors

For anyone who has invested in Block between February 26, 2020, and April 30, 2024, there is an opportunity to participate in the class action. Investors who suffered losses during this timeframe are encouraged to contact Levi & Korsinsky by the deadline of March 18, 2025, to be considered for the role of lead plaintiff, although this is not a requirement for recovery.

Costs and Obligations

Participation in this class action comes without any upfront costs for class members. Those who are eligible do not need to worry about out-of-pocket expenses or attorney fees, as all costs will be covered by the settlement if the action is successful.

Why Choose Levi & Korsinsky?

Over the past two decades, Levi & Korsinsky has built a strong reputation for recovering significant funds for affected shareholders. The firm has an extensive track record in securities litigation and a dedicated team ready to assist investors through this process.

If you believe you are eligible, reach out to:

• - Joseph E. Levi, Esq.
• - Ed Korsinsky, Esq.
• - Contact Number: (212) 363-7500
• - Email: [email protected]
• - Office Address: 33 Whitehall Street, 17th Floor, New York, NY 10004

Act promptly to safeguard your rights and potentially recover losses incurred during this tumultuous period for Block, Inc. Visit Levi & Korsinsky's website for more information and to submit your claim.