NEW YORK, April 9, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Block, Inc. (“Block” or the “Company”) Q. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.

The investigation concerns whether Block and certain of its officers and/or directors engaged in securities fraud or other illegal business practices.

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On March 23, 2023, Hindenburg Research (“Hindenburg”) published a block report titled “Block: How Inflated User Metrics and ‘Frictionless’ Fraud Facilitation Enablers To Cash Out Over $1 Billion.” The Hindenburg report cites “dozens of interviews with former employees, partners and industry experts, a comprehensive review of regulatory and litigation records, and requests for FOIA and public records” and claims that “Block has systematically exploited the demographics it claims The “magic” behind Block’s business wasn’t disruptive innovation, but rather the company’s willingness to facilitate fraud towards consumers and the government, avoid regulations, disguise bootleg loans and fees as disruptive technology, and inflate investors with scams misleading metrics.”

As a result of this news, Block’s stock price fell $10.77 per share, or 14.82%, to close at $61.88 per share on March 23, 2023.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, fiduciary breaches and corporate wrongdoing. The company has numerous…