Overview

A class action lawsuit has been filed against PicS N.V. (“PicS” or the “Company”) (NASDAQ : PICS), certain of the Company’s senior executive officers, directors, and controlling shareholders (collectively, “Defendants”), alleging violations of the federal securities laws. The PicS lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired PicS common stock between January 27, 2026, and June 5, 2026, inclusive (the “Class Period”). Investors have until August 4, 2026, to seek appointment as lead plaintiff of the PicS class action lawsuit.

PicS operates one of the largest digital banking platforms in Brazil, offering payment, credit, insurance, and investment products to consumers through its mobile application. Prior to its IPO, the Company emphasized the rapid growth of its credit business and represented that its proprietary credit models, customer data, machine learning capabilities, and underwriting processes enabled it to effectively assess risk and maintain a high-quality loan portfolio. Credit products accounted for more than half of the Company’s revenue by the end of 2025.

The complaint alleges that these statements were materially false and misleading because, prior to the IPO, PicS had identified significant deficiencies in its credit evaluation procedures and risk models. Investors claim that in December 2025 the Company implemented substantial changes to its expected credit loss methodology, reclassified approximately R$590 million of loans from Stage 2 to Stage 3 status, and recorded an additional R$88 million expected credit loss charge. Plaintiffs further allege that the Company failed to disclose deteriorating credit quality, increasing default risk, and adverse trends affecting its expanding credit portfolio.

The truth began to emerge on March 19, 2026, when PicS reported fourth-quarter and full-year 2025 financial results. The Company disclosed that it had implemented a stricter policy for classifying non-performing loans and revealed that approximately R$590 million of loan exposures had been reclassified from Stage 2 to Stage 3, resulting in an R$88 million increase in expected credit loss provisions. PicS also disclosed that its Stage 3 formation rate had risen to 7.1% during the fourth quarter of 2025, substantially above the level reflected in its IPO materials.

Then, on June 2, 2026, PicS announced first-quarter 2026 results showing continued deterioration in credit quality. The Company reported that Stage 3 loans had increased to 13% of its total credit portfolio, while delinquency rates for loans overdue both 15–90 days and more than 90 days rose significantly year over year.

Following these disclosures, PicS’ stock price declined sharply. By June 4, 2026, the Company’s Class A common stock had fallen to less than $9 per share, representing a decline of more than 50% from the $19 per share IPO price.

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If you purchased or otherwise acquired PicS common stock between January 27, 2026, and June 5, 2026, and you wish to serve as lead plaintiff in this lawsuit, you are encouraged to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt attorneys Brian O’Mara and Hani Farah by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the PicS class action lawsuit is August 4, 2026.