On or around 09/14/2020 (Date of last review)
Filing Date: March 21, 2020
According to the Complaint, XP Inc. purports to be a leading, technology-driven financial services platform and a trusted provider of low-fee financial products and services in Brazil.
On December 11, 2019, XP filed with the SEC its final prospectus for the IPO on Form 424B1, which forms part of the Registration Statement. The Complaint alleges that the Registration Statement featured false and/or misleading statements and/or failed to disclose that: (1) XP engaged in undisclosed related party transactions; (2) XP failed to disclose its common and large system failures and connected losses; (3) XP’s aggressive Independent Financial Agent strategy was and is tenuous; (4) XP had material weaknesses; (5) XP fired its previous accounting firm due that firm finding and disclosing material weaknesses; and (6) as a result, Defendants’ statements about XP’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On June 4, 2020, the Court issued an Order consolidating cases and appointing Co-Lead Plaintiffs and Counsel. Co-Lead Plaintiffs filed a consolidated amended Complaint on July 29.
Company & Securities Information
Defendant: XP Inc.
Industry: Consumer Financial Services
Ticker Symbol: XP
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Joseph Acerno, et al. v. XP Inc., et al.
COURT: E.D. New York
DOCKET #: 20-CV-01502
JUDGE: Hon. Brian M. Cogan
DATE FILED: 03/21/2020
CLASS PERIOD START: 12/11/2019
CLASS PERIOD END: 03/21/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
The Rosen Law Firm, P.A. (NY)
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violation of the Federal Securities Laws
Sipulation and Order Consolidating Related Actions, Appointing Co-Lead Plaintiffs, and Co-Lead Counsel