SQ LAWSUIT ALERT: The Gross Law Firm Notifies Block, Inc. Investors of a Class Action Lawsuit and Upcoming Deadline

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Block, Inc. regarding a class action lawsuit alleging that the company engaged in widespread compliance lapses and failed to disclose material information that led to illegal activities on its platforms [1]. Allegations Summary - Block allegedly issued materially false and misleading statements during the class period from February 26, 2020, to April 30, 2024 [1]. - The company is accused of failing to conduct due diligence on customer identities and transactions, allowing its platforms to be used for illegal activities [1]. - Specific illegal activities linked to Block's platforms include money laundering, child sexual abuse, sex trafficking, drug trafficking, terrorism financing, and contract killings [1]. - Block reportedly allowed customers to withdraw funds even after accounts were flagged for suspicious activities [1]. - The company allegedly permitted customers to open multiple accounts using fake identities, facilitating illegal activities [1]. - Senior leadership and the Board are accused of failing to address compliance deficiencies despite numerous warnings and complaints [1]. - Block's user metrics for Cash App were allegedly inflated through the use of fake accounts [1]. - As a result of these issues, Block faced undisclosed risks that could lead to reputational harm, regulatory actions, and negative impacts on operations and financial results [1]. Next Steps for Shareholders - Shareholders are encouraged to register for the class action by March 18, 2025, to participate in potential recovery [2]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the case lifecycle [2]. Firm Background - The Gross Law Firm is a nationally recognized class action law firm focused on protecting investors' rights against deceit and illegal business practices [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [3].