Case Summary
Block
NYSE: SQ
Case Details
- Gonsalves v. Block, Inc. et al.
- Class Period:February 26, 2020 - April 30, 2024
- Date Filed:January 17, 2025
- Jurisdiction:U.S. District Court, Northern District of California
- Docket Number: 3:25-cv-00642
- Lead Plaintiff Deadline: March 18, 2025
Seek Plaintiff 38
Overview
A class action lawsuit has been filed against Block, Inc. (“Block” or the “Company”) (NYSE: SQ) and certain of the Company’s former senior executive officers alleging violations of the federal securities laws. The Block class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Block Class A common stock between February 26, 2020, and April 30, 2024, both dates inclusive (the “Class Period”). Investors have until March 18, 2025, to seek appointment as lead plaintiff in the Block class action lawsuit.
Block is a financial technology conglomerate. The Company’s inaugural product is Square, a financial services platform for small and medium-sized businesses. The Company later launched Cash App (f/k/a Square Cash), a mobile payment service that allows users to transfer money using a mobile phone. Through Cash App, users can transact in bitcoin, and Block prides itself in providing a “frictionless” consumer experience with minimal hurdles to opening an account, sending and receiving payments, and depositing and withdrawing funds.
The Block class action lawsuit alleges that during the Class Period, Defendants claimed that Block maintained robust anti-money laundering (“AML”) and other compliance protocols and procedures designed to effectively prevent the use of the Company’s products and services from being used for illicit or criminal activities. For example, in periodic U.S. Securities and Exchange Commission filings, Defendants represented that the Company had implemented an AML program designed to prevent its payments network from being used to facilitate money laundering, terrorist financing, and other illicit activity.
Furthermore, Defendants stated that this compliance program was designed to prevent Block’s network from being used to facilitate business in countries, or with persons or entities, included on designated lists promulgated by the U.S. Department of the Treasury’s Office of Foreign Assets Controls and equivalent applicable foreign authorities. Defendants highlighted Block’s policies, procedures, reporting protocols, and internal controls, including the designation of an AML compliance officer and its purported vetting and monitoring of Block’s customers and the transactions on Block’s platforms, which Defendants claimed addressed the Company’s legal and regulatory requirements and were designed to assist in managing risk associated with money laundering and terrorist financing. These and similar representations made by Defendants during the Class Period were materially false and misleading when made.
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If you purchased or otherwise acquired Block Class A common stock between February 26, 2020, and April 30, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page.
You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected].
The deadline to apply to the Court to serve as lead plaintiff in the Block class action lawsuit is March 18, 2025.