NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased XP, Inc. (NASDAQ: XP) securities pursuant and/or traceable to the Company’s December 2019 initial public offering (the “IPO” or “Offering”). Investors have until May 20, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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In December 2019, XP held the IPO, offering approximately 83 million Class A common shares to the investing public at $27.00 per share. By the commencement of this action, XP’s shares trade significantly below its IPO price.
The complaint, filed on March 21, 2020, alleges that the Registration Statement for the IPO contained false and/or misleading statements and/or failed to disclose that: (1) XP engaged in undisclosed related party transactions; (2) XP failed to disclose its common and large system failures and connected losses; (3) XP’s aggressive Independent Financial Agent strategy was and is tenuous; (4) XP had material weaknesses; (5) XP fired its previous accounting firm due that firm finding and disclosing material weaknesses; and (6) as a result, defendants’ statements about XP’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased XP securities pursuant and/or traceable to the IPO, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.