According to the Complaint, Block, Inc., formerly known as Square Inc., is a technology company that creates financial service tools. Its segments include Square, which offers financial tools for sellers, and Cash App, which provides financial tools for individuals.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors that: (1) that the Company lacked adequate protocols restricting access to customer sensitive information; (2) that, as a result, a former employee was able to download certain reports of the Company’s subsidiary, Cash App Investing, containing full customer names and brokerage account numbers, as well as brokerage portfolio value, brokerage portfolio holdings and/or stock trading activity; (3) that, as a result, the Company was reasonably likely to suffer significant damage, including reputational harm; (4) and that, as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On January 4, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. On March 7, the Court issued an Order consolidating cases. All future docketing was ordered to be done in the lead case 22-CV-08636.

On February 15, 2024, the Court issued an Order further consolidating cases under Docket 22-CV-08636. In addition, the Court approved an additional Lead Plaintiff with Lead Counsel to represent the class for the Securities Act claims.

Lead Plaintiffs filed a consolidated amended Complaint on April 15, 2024.