Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Block, Inc. f/k/a Square Inc. (SQ)

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming April 3, 2023 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Block, Inc. f/k/a Square Inc.(“Block” or the “Company”) (NYSE: SQ) securities between November 4, 2021 and April 4, 2022, including all former shareholders of Afterpay securities who acquired unregistered Block, Inc. Class A common stock (and/or corresponding SQ CHESS Depository Interests) in direct exchange for Afterpay shares pursuant to Block’s January 2022 acquisition and stock-for-stock merger with Afterpay.

Investors suffering losses on their Block investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [e-mail].

On January 31, 2022, Block completed its acquisition of Afterpay by acquiring all outstanding ordinary shares of Afterpay in exchange for shares of Block class A common stock. Block assured Afterpay shareholders that the Block securities issued in the transaction would be “issued in reliance upon an available exemption for such registration requirements pursuant to Section 3(a)(10) of the Securities Act.” However, it appears that Block did not satisfy mandatory conditions necessary to exempt it from registration and no registration statement has been filed with the SEC. As such, injured investors may have legal recourse.

The filed complaint alleges that defendants made false statements and/or concealed that: (1) defendants did not satisfy the mandatory conditions necessary to exempt them from registration under Section 3(a)(10) and permit the issuance and sale of unregistered Block Shares; (2) in violation of Sections 5(a) and (c) of the Securities Act, no registration statement has been filed with the U.S. Securities and Exchange Commission or been in effect with respect to these Block Shares issued, solicited, and sold by means of Block's January 31, 2022 acquisition and stock-for-stock merger with Afterpay (the "Acquisition"); (3) in order to push the Acquisition through, defendants failed to comply with Section 3(a)(10)'s mandatory preconditions in several respects; and (4) defendants' grossly negligent failures deprived the Supreme Court of New South Wales ("NSW Court") of critical information necessary for any genuine appraisal of the Merger's supposed "fairness," and furthermore deprived plaintiff and other Afterpay shareholders of their statutory right to appear and present to the NSW Court the host of serious concerns and material (yet undisclosed) information ahead of the Acquisition.

If you purchased or otherwise acquired Block securities during the Class Period, you may move the Court no later than April 3, 2023 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at [phone], toll-free at [phone], or by email to [e-mail], or visit our website at www.howardsmithlaw.com.

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