PHILADELPHIA, March 24, 2020 /PRNewswire/ -- Kehoe Law Firm, P.C. is making investors aware that on March 21, 2020, a class action lawsuit was filed in United States District Court, Eastern District of New York, on behalf of persons who purchased, or otherwise acquired, XP Inc. ("XP" or the "Company") (NasdaqGS: XP) securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the "Registration Statement") issued in connection with XP's December 2019 initial public offering (the "IPO").
XP Inc. investors who purchased, or otherwise acquired, XP securities in connection with XP's December 2019 IPO are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], to discuss potential legal claims.
According to the complaint, in December 2019, the Defendants held the XP IPO, offering approximately 83 million Class A common shares to the investing public at $27.00 per share. By the commencement of the class action, XP's shares traded significantly below XP's IPO price. As a result, XP investors were damaged.
The class action complaint alleges that the IPO's Registration Statement contained materially false and/or misleading statements and/or failed to disclose that: (1) XP engaged in undisclosed related party transactions; (2) XP failed to disclose its common and large system failures and connected losses; (3) XP's aggressive Independent Financial Agents strategy was and is tenuous; (4) XP had material weaknesses; (5) XP fired its previous accounting firm due to the firm finding and disclosing material weaknesses; and (6) as a result, Defendants' public statements were materially false and misleading at all relevant times.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
SOURCE Kehoe Law Firm, P.C.