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Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until January 18, 2022 to file lead plaintiff applications in a securities class action lawsuit against StoneCo Ltd. (NasdaqGS: STNE).
StoneCo and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 30, 2021, post-market closed, the Company disclosed that it had “implemented some prudent actions, like temporarily stopping the disbursement of credit and increasing coverage for potential future losses, which impacted [StoneCo’s] reported results for the quarter.” Then, on November 16, 2021, the Company disclosed that it would “start retesting our original [credit] product, which is short-term loans, between the fourth quarter of ’21 and the first quarter of ’22,” but did not provide specific guidance regarding when credit volumes would return to levels before StoneCo had halted origination of credit.
On this news, shares of StoneCo’s fell $10.96, or 34%, to close at $20.70 per share on November 17, 2021.
If you purchased securities of StoneCo and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or fill out the form on this page.
The case is Ray v. StoneCo Ltd., et al., 21-cv-9620.
Click here to read the first filed complaint.