PICS Shareholder Alert: PicS N.V. Securities Class Action Lawsuit - Investors With Losses May Contact Levi & Korsinsky

PicS N.V. Promised Investors "Strict Credit Underwriting" and 3x Model Accuracy Weeks Before a Hidden Internal Review Revealed Deficient Procedures and Nearly Doubled Default Rates, Costing IPO Shareholders Over $10 Per Share

NEW YORK, July 15, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP highlights the contrast between PicS N.V.'s (Nasdaq: PICS) IPO promises and its actual financial condition. A securities class action has been filed on behalf of investors who purchased Class A common stock in and traceable to the Company's January 30, 2026 IPO. Find out if you qualify to recover your per-share losses. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

PicS raised $434.3 million from IPO investors at $19 per share. By June 4, 2026, shares traded below $9, a decline exceeding 52%, destroying more than $10 per share in value. The lead plaintiff deadline is August 4, 2026.

The Promise

The Offering Documents painted an optimistic picture of a fintech company with sophisticated risk management. The Company projected that its proprietary AI and machine learning models could "present up to 3.0 times more accuracy" based on recent data. Management described "strict credit underwriting criteria" supported by "exclusive behavior credit data" collected from one of Brazil's largest digital wallets. The Stage 3 formation rate was presented at a stable 3.6% as of September 30, 2025, well within historical norms, signaling to prospective shareholders that credit quality was firmly under control.

The Reality

The complaint alleges that the Company already knew these assurances were false at the time of the IPO. In December 2025, weeks before shares were sold to the public, PicS conducted an internal review that determined its "historical credit evaluation policies and procedures were deficient." The Company then reclassified approximately R$590 million of loan exposures from Stage 2 to Stage 3, recognizing an incremental expected credit loss charge of R$88 million. None of this was disclosed to IPO investors.

The Numbers: Promised vs. Actual

• Stage 3 Formation Rate (Promised): 3.6% as of September 30, 2025, presented in Offering Documents as stable and within historical trends
• Stage 3 Formation Rate (Actual): 7.1% for Q4 2025, a 97% increase over the prior quarter, occurring entirely before the IPO but disclosed only on March 19, 2026
• Credit Model Accuracy (Promised): Up to 3.0x more accurate than prior models, based on proprietary AI and machine learning
• Credit Model Accuracy (Actual): The December 2025 review found the Company's historical credit evaluation procedures were deficient, requiring wholesale methodological overhauls
• Stage 3 Loans as Percentage of Portfolio (Q1 2026): 13%, with NPLs over 90 days past due reaching 8.9%, compared to 4% in the prior year period
• Share Price (Promised vs. Actual): Sold at $19.00 per share in the IPO; traded below $9.00 by June 4, 2026

What the Lawsuit Alleges About the Gap

The action contends that PicS and its officers and directors knew about the December 2025 internal review, the R$590 million reclassification, and the near-doubling of the Stage 3 formation rate before the IPO closed. Rather than disclosing these material developments, the Company sold $434.3 million in shares to the public based on stale, favorable credit metrics. As pleaded, the Offering Documents violated SEC Regulation S-K Items 303 and 105 by failing to disclose known adverse trends that were already affecting the Company's financial condition.

"Companies that make specific promises to investors about future performance have an obligation to disclose known risks to those projections. The gap between what PicS represented in its Offering Documents and what was actually occurring in its credit portfolio raises serious questions for investors who relied on those representations," stated Joseph E. Levi, Esq.

Join the PICS recovery action or call Joseph E. Levi, Esq. at (212) 363-7500.

LEAD PLAINTIFF DEADLINE: August 4, 2026

Levi & Korsinsky, LLP is a nationally recognized shareholder rights firm. Over the past 20 years, the firm has secured hundreds of millions of dollars for aggrieved shareholders. Ranked in ISS Top 50 for seven consecutive years.

Frequently Asked Questions About the PICS Lawsuit

Q: When did PicS N.V. allegedly mislead investors? A: The class covers investors who purchased Class A common stock in and traceable to the January 30, 2026 IPO. The complaint alleges the Offering Documents contained materially false and misleading statements about the Company's credit quality, underwriting procedures, and model accuracy at the time of the IPO.

Q: How much did PICS stock drop? A: Shares fell from the $19.00 IPO price to below $9.00 by June 4, 2026, a decline exceeding 52% and representing losses of more than $10 per share. Investors who purchased shares in or traceable to the IPO at artificially inflated prices may be entitled to compensation.

Q: What if I already sold my PICS shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought in or traceable to the IPO and sold at a loss may still participate in any recovery.

Q: What do PICS investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible as a class member.

Q: What does it cost me to participate? A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is conducted.

Q: Can I join a different law firm's lawsuit instead? A: Certainly. We did not file the initial suit in this case, however that does not impact whether we may attempt to represent the lead plaintiff. Multiple firms often file competing complaints. The court then consolidates and appoints a single lead counsel. Contacting Levi & Korsinsky before August 4, 2026 ensures your losses are considered.

CONTACT:\
Levi & Korsinsky, LLP\
Joseph E. Levi, Esq.\
Ed Korsinsky, Esq.\
33 Whitehall Street, 27th Floor\
New York, NY 10004\
[email protected]\
Tel: (212) 363-7500\
Fax: (212) 363-7171

SOURCE Levi & Korsinsky, LLP