Block, Inc. Class Action Lawsuit

The Gross Law Firm has issued a notice to shareholders of Block, Inc. (formerly Square, Inc.) regarding a class action lawsuit. The lawsuit alleges that Block, Inc. engaged in widespread and years-long compliance lapses at its Square and Cash App platforms between February 26, 2020, and April 30, 2024. These lapses allegedly created a haven for illegal activities such as money laundering, child sexual abuse, sex trafficking, drug trafficking, and terrorism financing, by failing to conduct basic due diligence on customer identities and transactions. The complaint also claims that Block, Inc. encouraged the use of Bitcoin and pressured banking partners to forgo ordinary 'know your customer' due diligence. Furthermore, it is alleged that Block, Inc.'s senior leadership failed to address identified compliance deficiencies despite numerous red flags and internal reports, and that Cash App user metrics were artificially inflated by fake accounts. The lawsuit suggests that Block, Inc. faces significant undisclosed risks, including reputational harm, adverse regulatory actions, and negative impacts on its operations and financial results. Shareholders who purchased shares during the specified period are encouraged to contact The Gross Law Firm, with a deadline of March 18, 2025, to seek lead plaintiff appointment.