BLOCK(SQ) Prnewswire·2025-01-28 10:45Core Viewpoint - A class action securities lawsuit has been filed against Block, Inc. alleging securities fraud that affected investors between February 26, 2020, and April 30, 2024 [1]. Group 1: Allegations of Fraud - The lawsuit claims that Block engaged in significant compliance failures at its Square and Cash App platforms, failing to conduct due diligence on customer identities and transactions [2]. - It is alleged that Block created an environment that facilitated illegal activities, including money laundering, child sexual abuse, and drug trafficking, by imposing minimal requirements for account creation and transactions [2]. - The complaint states that Block's leadership ignored numerous red flags and internal reports regarding compliance issues, leading to inflated user metrics through fake accounts [2]. Group 2: Legal Process and Participation - Investors who suffered losses during the specified timeframe have until March 18, 2025, to request appointment as lead plaintiff, although participation in any recovery does not require this role [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees, indicating no financial obligation to participate in the lawsuit [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions for shareholders and consistently ranking among the top securities litigation firms in the U.S. [4].