The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased Block, Inc. (NYSE: SQ) securities between November 4, 2021 and April 4, 2022.
According to the Block lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) defendants did not satisfy the mandatory conditions necessary to exempt them from registration under §3(a)(10) and permit the issuance and sale of unregistered Block Shares; (2) in violation of §§5(a) and (c) of the Securities Act, no registration statement has been filed with the U.S. Securities and Exchange Commission or been in effect with respect to these Block Shares issued, solicited, and sold by means of Block’s January 31, 2022 acquisition and stock-for-stock merger with Afterpay (the “Merger” or “Acquisition”); (3) in order to push the Acquisition through, defendants failed to comply with §3(a)(10)’s mandatory preconditions in several respects; and (4) defendants’ grossly negligent failures deprived the Supreme Court of New South Wales (“NSW Court”) of critical information necessary for any genuine appraisal of the Merger’s supposed “fairness,” and furthermore deprived plaintiff and other Afterpay shareholders of their statutory right to appear and present to the NSW Court the host of serious concerns and material (yet undisclosed) information ahead of the Merger.
If you suffered a loss in Block you have until April 3, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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