SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of DLocal Limited (NASDAQ: DLO) securities between May 2, 2022 and May 25, 2023, both dates inclusive (the “Class Period”) have until December 5, 2023 to seek appointment as lead plaintiff of the DLocal class action lawsuit. Captioned Francis v. DLocal Limited, No. 23-cv-07501 (E.D.N.Y.), the DLocal class action lawsuit charges DLocal and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the DLocal class action lawsuit, please provide your information here:
CASE ALLEGATIONS: DLocal operates a payment processing platform for merchants worldwide and, as part of its operations, engages in certain foreign exchange transactions.
The DLocal class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) DLocal engaged in certain improper conduct and transfers abroad in violation of Argentine laws and/or regulations, including, among other things, foreign exchange relations; (ii) as a result, DLocal’s compliance controls and procedures, including its disclosure controls and procedures and internal controls over financial reporting, were deficient; and (iii) the above subjected DLocal to a heightened risk of governmental and/or regulatory scrutiny in Argentina and/or enforcement action by Argentine authorities.
The DLocal class action lawsuit further alleges that on May 26, 2023, Argentine news outlet Infobae published an article titled “The Government investigates the only Uruguayan unicorn for alleged fraud against the Argentine State and analyzes denouncing it in the US.” According to the complaint, the article reported that the Argentine government was investigating DLocal for a possible $400 million fraud related to “improper maneuvers” and transfers abroad, with unnamed sources alleging that DLocal “operates as a mere instrument to take advantage of the exchange rate gap and to take dollars abroad with operations that are not reflected in the accounting.” The DLocal class action lawsuit alleges that on this news, DLocal’s Class A common share price fell more than 17%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired DLocal securities during the Class Period to seek appointment as lead plaintiff of the DLocal class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the DLocal class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the DLocal class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the DLocal class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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