NEW ORLEANS, LA / ACCESSWIRE / December 27, 2021 / Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Louisiana Attorney General Charles C. Foti, Jr., remind investors they have untilJanuary 18, 2022 to file principal plaintiff claims in a securities class action lawsuit against StoneCo Ltd. (NasdaqGS: STNE), if they purchased the Company’s securities between March 11, 2021 and November 16, 2021 inclusive (the âRecourse Periodâ). This action is pending in the United States District Court for the Southern District of New York.
What you can do
If you have purchased StoneCo securities and wish to discuss your legal rights and how this matter might affect you as well as your right to recover your economic loss, you can, without obligation or expense to you, contact free of charge Lewis Kahn, Managing Partner of KSF. at 1-877-515-1850 or by email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-stne/ to learn more. If you wish to act as the principal plaintiff in this class action lawsuit, you must submit a petition to the court by January 18, 2022.
About the trial
StoneCo and some of its officers are accused of failing to disclose material information during the Class Period, in violation of federal securities laws.
On August 30, 2021, after the market closed, the company disclosed that it had “implemented prudent measures, such as temporarily halting credit disbursement and increasing coverage of potential future losses, which had an impact on [StoneCo’s] published the results for the quarter. “Then, on November 16, 2021, the Company announced that it” would start testing our [credit] product, which are short-term loans, between the fourth quarter of ’21 and the first quarter of ’22 “, but did not provide specific guidance as to when credit volumes would return to levels before StoneCo does not stop credit origination.
At this news, StoneCo shares fell $ 10.96, or 34%, to close at $ 20.70 per share on November 17, 2021.
The case is Ray v. StoneCo Ltd., et al., 21-cv-9620.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s leading securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, fund managers and retail investors – in seeking recoveries for investment losses resulting from corporate fraud or embezzlement committed by listed companies. KSF has offices in New York, California, Louisiana, and New Jersey.
To learn more about KSF, you can visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100, rue Poydras, suite 3200
New Orleans, LA 70163
THE SOURCE: Kahn Swick & Foti, LLC
See the source version on accesswire.com:
https://www.accesswire.com/679741/STONECO-SHAREHOLDER-ALERT-BY-FORMER-LOUISIANA-ATTORNEY-GENERAL-KAHN-SWICK-FOTI-LLC-REMINDS-INVESTORS-WITH-LOSSES-IN-EXCESS-OF- 100000-of-Lead-Plaintiff-Deadline-in-Class-Action-Lawsuit-Against-StoneCo-Ltd – STNE