NEW ORLEANS, Dec. 1, 2021 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors with losses in excess of $100,000 that they have until January 18, 2022 to file lead plaintiff applications in a securities class action lawsuit against StoneCo Ltd. (NasdaqGS: STNE), if they purchased the Company's securities between March 11, 2021 and November 16, 2021, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
StoneCo investors should visit us at https://claimsfiler.com/cases/nasdaq-stne/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
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.
The case is Ray v. StoneCo Ltd., et al., 21-cv-9620.
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