NEW YORK, Oct. 21, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is reminding investors that class action lawsuits can be filed on behalf of Block, Inc. Q and Twitter, Inc. TWTR. Shareholders have until the deadlines below to petition the court to appear as lead plaintiffs. For more information on each case, see the link provided.
Block, Inc. Q
Class Period: November 4, 2021 and April 4, 2022
Lead Plaintiff Deadline: December 12, 2022
Block, formerly known as Square, Inc., is a technology company that develops financial services tools. Block’s segments include Square, which offers financial tools for sellers, and Cash App, which offers financial tools for individuals.
On April 4, 2022, Block announced that on December 10, 2021, a former employee failed to properly download certain reports from Block’s subsidiary, Cash App Investing. Information in the reports included full client names and broker account numbers, as well as portfolio value, broker portfolio holdings, and/or stock trading activity. Up to 8.2 million Cash App Investing customers were affected. Prior to April 4, 2022, Block had not disclosed this information to shareholders.
The news caused Block’s stock price to fall more than 6%, hurting investors.
The Block class action alleges that throughout the class period, the defendants failed to disclose the following: (i) Block did not have adequate protocols to limit access to confidential customer information; (ii) As a result, a former employee was able to download certain reports from Block’s subsidiary, Cash App Investing, which contained full client names and broker account numbers and broker portfolio value, broker portfolio holdings and/or stock trading activity; and (iii) as a result, Block would be likely to suffer significant harm, including reputational damage.
For more information on block bulk action, see: https://bespc.com/cases/SQ
Read full story here https://www.benzinga.com/pressreleases/22/10/g29368044/bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-block