Lead Plaintiff Deadline: 05/20/2020
SUMMARY OF CASE:
Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against XP Inc. (“XP” or the “Company”) (NASDAQ: XP), certain of its officers and directors, and the underwriters of the Company’s December 2019 initial public offering (“IPO”), alleging violations of federal securities laws. If you purchased XP securities pursuant and/or traceable to the Company’s IPO on or about December 11, 2019, and have suffered losses, you are encouraged to contact Jonathan Zimmerman for additional information at (888) 398-9312 or email@example.com.
The lawsuit alleges that XP (and the other named defendants) misled investors by failing to disclose that, among other things: (1) XP engaged in undisclosed related party transactions; (2) XP failed to disclose its common and large system failure 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.
Then on March 6, 2020, the Winkler Group released a report detailing, among other things, how XP had misled investors and failed to disclose pertinent information in its Registration Statement, including: (i) undisclosed related party transactions; (ii) R$100M in system failure expenses; (iii) great uncertainty with regards to its Independent Financial Agents; (iv) the full circumstances regarding its firing and replacing its accounting firm KPMG; and (v) other undisclosed material weaknesses.
Following this news, XP shares plummeted $9.12 per share, or 25.5%, to close at $26.64 per share on March 9, 2020.
What You Can Do
If you purchased XP securities, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312 or firstname.lastname@example.org. The lead plaintiff deadline is May 20, 2020.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
Scott+Scott Attorneys at Law LLP
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