Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of New Yorkon behalf of shareholders of XP, Inc. if they purchased the Company’s shares issued in connection with its December 2019 initial public stock offering (the “IPO”).
XP and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement and Prospectus, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company had conducted undisclosed related-party transactions; (ii) the Company failed to disclose its common and large system failures and connected losses; (iii) the Company’s aggressive Independent Financial Agent strategy was and is questionable; (iv) the Company had material weaknesses; (v) the Company’s prior accounting firm was terminated because it had found and disclosed material weaknesses; and (vi) as a result of the foregoing, XP’s statements were materially false and misleading at all relevant times.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until May 21, 2020 to request that the court appoint them lead plaintiff.