NEW YORK–(BUSINESS WIRE)–#Action–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Block, Inc. (“Block” or the “Company”) (NYSE: SQ) on behalf of Block stockholders. Our investigation concerns whether Block has violated the federal securities laws and/or engaged in other unlawful business practices.
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The investigation focuses on Block’s statements about its subsidiary’s (Cash App Investing) customer privacy policies and controls.
Block has in the past assured Cash App Investing customers that “[t]o protect your personal information from unauthorized access and use, we use security measures that comply with federal law,” “[t]hese measures include computer safeguards and secured files and buildings,” and “[t]he Company takes the security of information belonging to its customers very seriously.”
The accuracy of these statements came into question on April 4, 2022, when Block announced that a former employee, after termination, improperly downloaded certain reports of Cash app Investing on Dec. 10, 2021. The information in the reports included full customer names and brokerage account numbers. For some customers, the stolen reports also included brokerage portfolio value, brokerage holdings and/or stock trading activity for one trading day. As many as 8.2 million current and former Cash App Investing customers may have been affected by the privacy breach.
When this information was revealed, Block fell sharply during intraday trading on April 5, 2022, to close at $135.92 per share.
If you purchased or otherwise acquired Block shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.