SAN DIEGO, March 23, 2023 (GLOBE NEWSWIRE) — Shareholder rights law firm Johnson Fistel, LLP is investigating whether Block, Inc. f/k/a Square, Inc. (NYSE: SQ) investors’ losses may be recovered under the federal securities laws.
What if I purchased Block, Inc. common stock? If you purchased Block, Inc. common stock and suffered significant losses on your investment, join our investigation now:
Click or paste the following web address into your browser to submit your losses:
https://www.johnsonfistel.com/investigations/block-inc-square-inc
Or for more information, contact Jim Baker at jimb@johnsonfistel.com or (619) 814-4471
There is no cost or obligation to you.
What is Johnson Fistel investigating? On March 23, 2023, Hindenburg issued a report entitled “Block: How Inflated User Metrics and ‘Frictionless’ Fraud Facilitation Enabled Insiders to Cash Out Over $1 Billion.” Hindenburg stated, “Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping.” The report also said Block’s Cash App thrived on serving “unbanked” customers. The report also alleged those unbanked customers were involved in criminal or illicit activity. Hindenburg also suspected that Cash App’s compliance programs were deficient. Finally, among additional allegations, Hindenburg stated “Block has wildly overstated its genuine user counts and has understated its customer acquisition costs. Former employees estimated that 40%-75% of accounts they reviewed were fake, involved in fraud, or were additional accounts tied to a single individual.”
What if I have relevant nonpublic information? Individuals with nonpublic information regarding the company should consider whether to assist our investigation or take advantage of the SEC Whistleblower program. Under the SEC program, whistleblowers who provide original information may, under certain circumstances, receive rewards totaling up to thirty percent of any successful recovery made by the SEC. For more information, contact Jim Baker at (619) 814-4471 or jimb@johnsonfistel.com.
Contact:
Johnson Fistel, LLP
Jim Baker, Lead Securities Analyst
Telephone: (619) 814-4471
Email: jimb@johnsonfistel.com
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