The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of StoneCo Ltd. (NASDAQ: STNE) who purchased shares between March 11, 2021 and November 16, 2021. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
(1) StoneCo was experiencing difficulties in implementing its credit product; (2) StoneCo faced significant risks via its point-of-sale vendor, PAX Global Technology Ltd.; (3) as a result of the foregoing, the Company’s financial results would be adversely impacted; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders have until January 18, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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