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Lawsuit filed for Investors in shares of XP Inc. (NASDAQ: XP) over alleged Misleading Statements

03-24-2020 04:46 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in XP Inc. (NASDAQ: XP) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in XP Inc. (NASDAQ: XP) shares over alleged securities laws violations.

An investor, who purchased shares of XP Inc. (NASDAQ: XP), filed a lawsuit over alleged violations of Federal Securities Laws by XP Inc. in connection with XP's December 2019 initial public stock offering (the "IPO").

Investors who purchased shares of XP Inc. (NASDAQ: XP) have certain options and for certain investors are short and strict deadlines running. Deadline: May 20, 2020. NASDAQ: XP investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On March 6, 2020, less than three months after XP's IPO, a report was published raising questions regarding the accuracy of XP's financial statements after having discovered accounting irregularities, inadequate financial disclosures, and discrepancies between the company's IPO prospectus and internal audits. In addition, The report raises questions regarding XP's asset values, revenue recognition, and tax deductions, and documents a pattern of regulatory noncompliance and questionable executive judgement.

The plaintiff claims that the Registration Statement featured 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 Agent strategy was and is tenuous; (4) XP had material weaknesses; (5) XP fired its previous accounting firm due that firm finding and disclosing material weaknesses; and (6) as a result, defendants' statements about XP's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Those who purchased shares of XP Inc. (NASDAQ: XP) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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