Investigation announced for NASDAQL STNE investors over possible Wrogndoing at StoneCo Ltd.

An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at StoneCo Ltd.

Investors who purchased shares of StoneCo Ltd. (NASDAQ: STNE) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain StoneCo Ltd. directors breached their fiduciary duties and caused damage to the company and its shareholders.

Cayman Islands based StoneCo Ltd. provides financial technology solutions to merchants and integrated partners to conduct electronic commerce across in-store, online, and mobile channels in Brazil. StoneCo Ltd. reported that its annual Total Revenue increased from 2.38 billion BRL in 2019 to 3.17 billion BRL in 2020, and that its Net Income increased from 803.23 million BRL in 2019 to 854.07 million BRL in 2020.

On August 30, 2021, after the market closed, StoneCo Ltd. announced its second quarter 2021 financial results, reporting an 8.1% year-over-year decrease in revenue "mainly due to adjustments in credit fair value and significantly lower credit disbursements." Further stating, the “credit business remains in the early stages and we made some mistakes in our execution, especially not foreseeing how the malfunctioning of the registry system could harm our business. So we decided to take a cautious approach and implemented some prudent actions, like temporarily stopping the disbursement of credit and increasing coverage for potential future losses, which impacted our reported results for the quarter.” Likewise, StoneCo thinks it could take three to six months before it can resume operations as normal.

Shares of StoneCo Ltd. (NASDAQ: STNE) declined from $53.96 per share on August 25, 2021, to $44.22 per share on September 3, 2021.

Those who purchased shares of StoneCo Ltd. (NASDAQ: STNE) have certain options and should contact the Shareholders Foundation.

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 lawsuits, 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.

This release was published on openPR.