PHILADELPHIA, PA / ACCESS Newswire / May 29, 2025 / The law firm of Kaskela Law LLC announces that it is investigating Block, Inc. (NYSE:XYZ, formerly NYSE:SQ) on behalf of the company’s long-term shareholders.
Click here to receive additional information about your legal rights and options: https://kaskelalaw.com/case/block/
Recently a securities fraud complaint was filed against Block on behalf of certain investors who purchased shares of the company’s stock between February 26, 2020 and April 30, 2024 (the "Relevant Period"). According to the complaint, during the Relevant Period, Block and certain of the company’s senior executive officers made a series of materially false and/or misleading statements in claiming that Block maintained effective compliance protocols and procedures to prevent use of the company’s platforms for illicit activities.
The complaint further details how, despite prior representations and through a series of partial disclosures beginning in March 2023, investors learned that "in actuality, Block failed to implement even basic due diligence and know your customer (‘KYC’) protocols, effectively creating a haven for criminal and illicit activities on its platforms." Following each of these partial disclosures, shares of Block’s common stock declined in value. Eventually, in January 2025, (i) a coalition of 48 state regulatory agencies announced that Block had agreed to pay $80 million for violations of the Bank Secrecy Act and anti-money laundering laws, and (ii) the Consumer Financial Protection Bureau ("CFPB") ordered Block to refund and pay other redress to consumers up to $120 million and a penalty of $55 million into the CFPB’s victims relief fund.
The investigation seeks to determine whether the members of Block’s board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Block shareholders who purchased or acquired SQ / XYZ shares prior to January 1, 2023 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750 for additional information about this investigation and their legal rights and options.
Alternatively, investors may submit their information to the firm by clicking on the following link (or by copying and pasting the link into your browser):
https://kaskelalaw.com/case/block/
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis, and has helped to recover hundreds of millions of dollars for aggrieved investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
(skaskela@kaskelalaw.com)
Adrienne Bell, Esq.
(abell@kaskelalaw.com)
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com
This notice may constitute attorney advertising in certain jurisdictions.
SOURCE: Kaskela Law LLC
View the original press release on ACCESS Newswire
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