NEW YORK, May 20, 2023 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Block, Inc. f/k/a Square, Inc. (“Block” or the “Company”) (NYSE: SQ).
If you suffered losses exceeding $50,000 investing in Block stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/SQ.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
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.”
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