|Company Name||Block, Inc.|
|Class Period||November 04, 2021 to April 04, 2022|
|Lead Plaintiff Motion Deadline||April 03, 2023|
On March 23, 2023, Hindenburg Research published a report (the “Report”) alleging that “Block has systematically taken advantage of the demographics it claims to be helping” and that the Company has demonstrated a “willingness to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology, and mislead investors with inflated metrics.” The Report also alleges that Block “has wildly overstated its genuine user counts and has understated its customer acquisition costs” and that Block’s approach to compliance “made it easy for bad actors to mass-create accounts for identity fraud and other scams, then extract stolen funds quickly.”
On this news, Block’s share price fell $10.77, or 14.8%, to close at $61.88 per share on March 23, 2023, thereby injuring investors.
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