San Diego, CA -- (SBWIRE) -- 10/25/2022 -- An investor, who purchased shares of Block, Inc. (NYSE: SQ), filed a lawsuit over alleged violations of Federal Securities Laws by Block, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Block, Inc. (NYSE: SQ) have certain options and for certain investors are short and strict deadlines running. Deadline: December 12, 2022. NYSE: SQ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

San Francsico, CA based Block, Inc., together with its subsidiaries, creates tools that enables sellers to accept card payments and provides reporting and analytics, and next-day settlement.

On April 4, 2022, Block, Inc. announced that a former employee had improperly downloaded certain reports of the Company's subsidiary, Cash App Investing, on December 10, 2021. The information in the reports included full customer names and brokerage account numbers, as well as brokerage portfolio value, brokerage portfolio holdings and/or stock trading activity. As many as 8.2 million Cash App Investing customers were affected. Prior to April 4, 2022, the company had not disclosed this information to shareholders.

Shares of Block, Inc. (NYSE: SQ) declined from $149.00 per share on March 29, 2022, to as low as $56.01 per share on June 17, 2022.

The plaintiff claims that between November 4, 2021 and April 4, 2022, the Defendants failed to disclose to investors that the Company lacked adequate protocols restricting access to customer sensitive information, that, as a result, a former employee was able to download certain reports of the Company's subsidiary, Cash App Investing, containing full customer names and brokerage account numbers, as well as brokerage portfolio value, brokerage portfolio holdings and/or stock trading activity, that, as a result, the Company was reasonably likely to suffer significant damage, including reputational harm, and that, as a result of the foregoing, Defendant's positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of Block, Inc. (NYSE: SQ) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
CMichael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.