NEW ORLEANS, May 20, 2020 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have only until May 21, 2020 to file lead plaintiff applications in a securities class action lawsuit against XP Inc. (NasdaqGS: XP), if they purchased the Company's shares issued in connection with its December 2019 initial public stock offering (the "IPO"). This action is pending in the United States District Court for the Eastern District of New York.
What You May Do
If you purchased shares of XP and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-xp/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by May 21, 2020.
About the Lawsuit
XP and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement and Prospectus, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company had conducted undisclosed related-party transactions; (ii) the Company failed to disclose its common and large system failures and connected losses; (iii) the Company's aggressive Independent Financial Agent strategy was and is questionable; (iv) the Company had material weaknesses; (v) the Company's prior accounting firm was terminated because it had found and disclosed material weaknesses; and (vi) as a result of the foregoing, XP's statements were materially false and misleading at all relevant times.
The case is Acerno v. Benchimol, et al., No. 20-cv-01502.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.