2023 /PRNewswire/ -- Jakubowitz Law announces that a
securities fraud class action lawsuit has commenced on behalf of
shareholders of Block, Inc. (NYSE: SQ).
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This lawsuit is on behalf of persons and entities
who purchased or otherwise acquired Block securities during the
period November 4, 2021 and
April 4, 2022, including all former
shareholders of Afterpay securities who acquired unregistered
Block, Inc. Class A common stock (and/or corresponding SQ CHESS
Depository Interests) in direct exchange for Afterpay shares
pursuant to Block's January 31, 2022
acquisition and stock-for-stock merger with Afterpay.
Shareholders interested in acting as a lead
plaintiff representing the class of wronged shareholders have until
April 3, 2023 to petition the
court. Your ability to share in any recovery doesn't require that
you serve as a lead plaintiff.
According to a filed complaint, Block, Inc.
issued materially 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.
Jakubowitz Law is vigorous in pursuit of justice
for shareholders who have been the victim of securities fraud.
Attorney advertising. Prior results do not guarantee similar
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SOURCE Jakubowitz Law