Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Block, Inc. f/k/a Square Inc. (SQ)
LOS ANGELES, March 21, 2023 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming April 3, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Block, Inc. f/k/a Square Inc.("Block" or the "Company") (NYSE: SQ) securities between 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 2022 acquisition and stock-for-stock merger with Afterpay.
If you suffered a loss on your Block investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Block-Inc-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On January 31, 2022, Block completed its acquisition of Afterpay by acquiring all outstanding ordinary shares of Afterpay in exchange for shares of Block class A common stock. Block assured Afterpay shareholders that the Block securities issued in the transaction would be "issued in reliance upon an available exemption for such registration requirements pursuant to Section 3(a)(10) of the Securities Act." However, it appears that Block did not satisfy mandatory conditions necessary to exempt it from registration and no registration statement has been filed with the SEC. As such, injured investors may have legal recourse.
The filed complaint alleges that defendants made false statements and/or concealed that: (1) defendants did not satisfy the mandatory conditions necessary to exempt them from registration under Section 3(a)(10) and permit the issuance and sale of unregistered Block Shares; (2) in violation of Sections 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 "Acquisition"); (3) in order to push the Acquisition through, defendants failed to comply with Section 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 Acquisition.
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If you purchased or otherwise acquired Block securities during the Class Period, you may move the Court no later than April 3, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224