NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, is investigating whether XP, Inc. (“XP” or the “Company”) (NASDAQ: XP) or certain of its officers and directors violated U.S. securities laws. If you purchased XP securities pursuant and/or traceable to XP’s Initial Public Offering (“IPO”) in December 2019, and lost money, you are encouraged to contact Jonathan Zimmerman at (888) 398-9312 for more information.
XP went public on December 13, 2019, issuing to the investing public 72,510,741 shares of XP common stock at $27.00 per share, for gross proceeds of nearly $1.96 billion.
On March 6, 2020, less than three months after XP’s IPO, investment firm The Winkler Group published a short report raising questions regarding the accuracy of XP’s financial statements after having discovered accounting irregularities, inadequate financial disclosures, and discrepancies between the company’s IPO prospectus and internal audits. In addition, The Winkler Group report raises questions regarding XP’s asset values, revenue recognition, and tax deductions, and documents a pattern of regulatory noncompliance and questionable executive judgement.
On this news, XP’s stock price fell $4.77 per share, or 13.34%, to close at $30.99 per share on March 6, 2020.
What You Can Do
If you purchased XP securities, and you wish to discuss this investigation, please contact attorney Jonathan Zimmerman at (888) 398-9312, or at jzimmerman@scott-scott.com, or visit the XP investigation page on our website at https://scott-scott.com/investigation/xp-inc/.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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