SAN DIEGO & SAO PAULO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP reminds investors that a purchaser of XP, Inc. (NASDAQ: XP) filed a class action complaint against the Company for alleged violations of the Securities Act of 1933 pursuant to the company's December 2019 initial public offering ("IPO"). XP operates technology-driven financial services platform that provides financial products and services in Brazil.
If you suffered a loss as a result of XP's misconduct, click here.
XP, Inc. (XP) Accused of Misleading Shareholders
According to the complaint, XP held its IPO on December 13, 2019, offering approximately 83 million shares at $27.00 per share for net proceeds of approximately $1,100 million. In its Registration Statement, XP continuously touted its technological prowess, advancement and position, stating in relevant part "[XP's] technology is a significant competitive advantage for XP… that enables [it] to differentiate XP in the market." Then, on March 6, 2020, The Winkler Group released a report stating that XP had misled investors and failed to disclose pertinent information in its Registration Statement, including: (i) undisclosed related party transactions; (ii) $100M in system failure expenses; (iii) great uncertainty with regard to its independent financial agents; and (iv) the full circumstances regarding its firing and replacing its accounting firm KPMG for PwC, as well as other undisclosed material weaknesses. On this news, XP's share price fell $9.12, or almost 26%, to close at $26.64 per share on March 9, 2020.
XP, Inc. (XP) Shareholders Have Legal Options
Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsllp.com
Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar outcome.
