LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation on behalf of XP Inc. (“XP” or the “Company”) (NASDAQ: XP) investors concerning the Company and its officers’ possible violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to participate.
In December 2019, XP completed its initial public offering (“IPO”), issuing more than 72 million Class A shares at $27.00 per share.
On March 6, 2020, The Winkler Group published a report raising serious questions about the accuracy of XP’s financials. Among other claims, the report alleges that there are significant discrepancies between XP’s internal audits and the financial statements the company provided investors in its IPO prospectus. The report also alleges that "XP fired its auditor after the auditor found material weaknesses in its financial reporting[.]"
On this news, the Company’s share price fell $4.77, or over 13%, to close at $30.99 per share on March 6, 2020, thereby injuring investors.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased XP securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.