- September 1, 2021
- Posted by: Mainframe Consulting
- Category: Business Wire
NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against StoneCo Ltd. (“StoneCo” or the “Company”) (NASDAQ: STNE) on behalf of StoneCo stockholders. Our investigation concerns whether StoneCo has violated the federal securities laws and/or engaged in other unlawful business practices.
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On August 30, 2021, after the market closed, Stone 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.
On this news, StoneCo’s stock price fell $2.11 per share, to close at $49.50 per share on August 30, 2021.
If you purchased or otherwise acquired StoneCo 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, Melissa Fortunato, 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.
Published at Wed, 01 Sep 2021 00:00:00 +0000