NEW YORK, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against DLocal Ltd (“DLocal” or the “Company”) (NASDAQ: DLO) in the United States District Court for the Eastern District of New York on behalf of all persons and entities who purchased or otherwise acquired DLocal securities between May 2, 2022 and May 25, 2023, both dates inclusive (the “Class Period”). Investors have until 12/05/2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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DLocal operates a payment processing platform for merchants worldwide and, as part of its operations, engages in certain foreign exchange transactions.
The DLocal class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) DLocal engaged in certain improper conduct and transfers abroad in violation of Argentine laws and/or regulations, including, among other things, foreign exchange relations; (ii) as a result, DLocal’s compliance controls and procedures, including its disclosure controls and procedures and internal controls over financial reporting, were deficient; and (iii) the above subjected DLocal to a heightened risk of governmental and/or regulatory scrutiny in Argentina and/or enforcement action by Argentine authorities.
The DLocal class action lawsuit further alleges that on May 26, 2023, Argentine news outlet Infobae published an article titled “The Government investigates the only Uruguayan unicorn for alleged fraud against the Argentine State and analyzes denouncing it in the US.” According to the complaint, the article reported that the Argentine government was investigating DLocal for a possible $400 million fraud related to “improper maneuvers” and transfers abroad, with unnamed sources alleging that DLocal “operates as a mere instrument to take advantage of the exchange rate gap and to take dollars abroad with operations that are not reflected in the accounting.” The DLocal class action lawsuit alleges that on this news, DLocal’s Class A common share price fell more than 17%.
If you purchased or otherwise acquired DLocal shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.