The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of XP Inc. (NASDAQ: XP) who purchased shares pursuant and/or traceable to the registration statement and related prospectus issued in connection with XP’s December 2019 initial public offering. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the XP lawsuit alleges 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 IFA strategy was and is tenuous; (4) XP had material weaknesses; (5) XP fired its previous accounting firm due to that firm finding and disclosing material weaknesses; and (6) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
Shareholders have until May 20, 2020 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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