Glancy Prongay & Murray LLP, a National Class Action Law Firm, Continues Investigation of StoneCo Ltd. (STNE) on Behalf of Investors - Yahoo Finance
LOS ANGELES, October 29, 2021--(BUSINESS WIRE)--Glancy Prongay & Murray LLP ("GPM"), a national investor rights law firm, continues its investigation on behalf of StoneCo Ltd. ("Stone" or the "Company") (NASDAQ: STNE) investors concerning the Company and its officers’ possible violations of the federal securities laws.
If you suffered a loss on your Stone investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/stoneco-ltd/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On August 30, 2021, after the market closed, Stone announced its second quarter 2021 financial results in a press release, reporting an 8.1% year-over-year decrease in revenue "mainly due to adjustments in credit fair value and significantly lower credit disbursements." The Company stated that it had "implemented some prudent actions, like temporarily stopping the disbursement of credit and increasing coverage for potential future losses, which impacted [Stone’s] reported results for the quarter."
On this news, the Company’s share price fell $2.96, or 6%, to close at $46.54 per share on August 31, 2021, thereby injuring investors.
Then, on October 26, 2021, PAX Global Technology Ltd’s Florida offices were raided by the U.S. Federal Bureau of Investigation, the Department of Homeland Security, and several other agencies as part of a federal investigation. As a Viceroy Research report on October 27, 2021 pointed out, Stone states that PAX "is no longer [its] sole provider of POS services, [but the Company is] still substantially dependent on it to manufacture and assemble a substantial amount of [its] POS devices." Moreover, another company replaced its PAX terminals "because it did not receive satisfactory answers from PAX regarding its POS devices connecting to websites not listed in their supplied documentation."
source: https://finance.yahoo.com/news/glancy-prongay-murray-llp-national-160000999.html
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