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Investor Alert: Class Action Against PicS N.V.

Robbins Geller Rudman & Dowd LLP has recently announced a significant class action lawsuit aimed at PicS N.V. (NASDAQ: PICS), a notable player in the Brazilian digital banking sector. Investors who purchased Class A common stock in PicS N.V. from its January 30, 2026 initial public offering (IPO) are now being urged to take action, especially those who have experienced considerable financial losses.

Overview of the Lawsuit

The class action, titled FirstFire Global Opportunities Fund, LLC v. PicS N.V., No. 26-cv-04793 (S.D.N.Y.), alleges that PicS N.V. engaged in misleading practices during its IPO which violated the Securities Act of 1933. Specifically, the lawsuit contends that the offering documents contained false statements and significant omissions regarding the company's credit evaluation procedures and the risks surrounding its business practices.

Allegations Against PicS N.V.

1. Deficient Credit Procedures: In December 2025, PicS N.V. identified that its credit evaluation processes were inadequate, necessitating enhancements. However, this shortcoming was not disclosed to investors prior to the IPO.

2. Reclassification of Financial Exposures: Following the revised procedures, approximately R$590 million in financial exposures were reclassified from Stage 2 to Stage 3, unexpectedly leading to an additional ECL (Expected Credit Loss) charge of R$88 million for the last quarter of 2025.

3. Increased Stage 3 Formation Rate: There was a reported increase in the Stage 3 formation rate above 7% in the fourth quarter of 2025, which deviated from previously shared historical trends. This raised serious concerns regarding the credit quality of PicS’s portfolio.

4. Misleading Data on Credit Quality: The IPO documents allegedly misrepresented the effectiveness of PicS N.V.'s credit models and its ability to manage and monitor loan defaults and credit deterioration, which are critical to maintaining the trust of investors.

5. Undisclosed Declines in Customer Credit Quality: PicS N.V. reportedly experienced worsening trends in customer credit quality along with heightened risks of default due to their engagement in riskier business areas prior to the IPO, a fact that was also concealed from potential investors.

Financial Performance Post-IPO

In the aftermath of the IPO, the stock price of PicS N.V. dropped sharply to under $9 per share by June 4, 2026, representing a staggering decline of over 50% from the original IPO price of $19. This rapid decline has left many investors questioning the integrity of their investment and the assurances made by PicS N.V. during the offering.

Call to Action for Affected Investors

According to Robbins Geller, investors who suffered financial losses can seek appointment as lead plaintiffs in this class action lawsuit until August 4, 2026. The lead plaintiff has a critical role, as they represent the interests of all class members in legal proceedings, managing the direction of the lawsuit in collaboration with their selected legal counsel.

If you purchased shares of PicS N.V. Class A common stock linked to the IPO and are interested in joining this class action, you’re encouraged to provide your information via the firm’s website or to reach out to attorneys Ken Dolitsky or Michael Albert directly at Robbins Geller.

About Robbins Geller

Robbins Geller Rudman & Dowd LLP is renowned for its commitment to investor representation in securities fraud cases. With a robust track record, the firm has secured substantial recoveries for investors over the years, establishing itself as one of the leading law firms in this domain.

For more detailed information about the case or to intervene in the class action, investors can visit Robbins Geller's official website for the pertinent case details and legal resources.

Investors should stay aware of legal timelines and take action promptly to ensure their voices are heard in this critical litigation against PicS N.V.