NEW YORK, March 23, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Block, Inc. (“Block” or the “Company”) (NYSE: SQ), a financial services and digital payments company formerly known as Square, Inc. Click Here to Join Investigation.
If you acquired Block securities and would like to discuss our investigation, contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
On March 23, 2023, before the market opened, Hindenburg Research published a report entitled “Block: How Inflated User Metrics and “Frictionless” Fraud Facilitation Enabled Insiders to Cash Out Over $1 Billion.” According to Bloomberg, shares of Block’s stock fell 20% in morning trading after Hindenburg alleged that “Block’s wildly popular Cash App was likely facilitating fraudsters taking advantage of government stimulus programs during the pandemic.” Among other things, the Hindenburg report states “Block ignored both internal and external warnings that multiple individuals using the same bank account number to receive government funds was a brazen red flag of fraud,” and “Multiple key lapses in Cash App’s compliance processes facilitated billions in government payment fraud.”
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If you have any questions about this investigation, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
