NEW YORK, March 9, 2023 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that it is investigating the officers and directors of Block Inc. (“Block” or the “Company”). Q for possible breaches of fiduciary duty, squandering of company assets and unjust enrichment between November 4, 2021 and April 4, 2022.

A securities class action is pending in the United States District Court for the Southern District of New York (the “Securities Class Action”). The complaint in the securities class action alleges that the defendants failed to disclose that: (i) Block failed to have adequate protocols restricting access to sensitive customer information; (ii) As a result, a former employee was able to download certain reports from Block’s subsidiary, Cash App Investing, which contained full client names and broker account numbers and broker portfolio value, broker portfolio holdings and/or stock trading activity; and (iii) as a result, Block would be likely to suffer significant harm, including reputational damage.

On April 4, 2022, Block announced that on December 10, 2021, a former employee failed to properly download certain reports from Block’s subsidiary, Cash App Investing. Information in the reports included full client names and broker account numbers, as well as broker portfolio value, brokerage portfolio holdings, and/or stock trading activity. Up to 8.2 million Cash App Investing customers were affected. Prior to April 4, 2022, Block had not disclosed this information to shareholders. The news caused Block’s stock price to fall more than 6%, hurting investors.

If you would like to discuss your rights or interests related to this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. by Gainey McKenna & Egleston at (212) 983-1300 or by email at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the company.