HAGENS BERMAN Alerts DLocal Limited (DLO) Investors to Application Deadline in Securities Fraud Class Action, Encourages Investors with Substantial Losses to Contact its Attorneys
News provided byHagens Berman Sobol Shapiro LLP
Nov 20, 2023, 11:51 AM ET
SAN FRANCISCO, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges DLocal Limited (NASDAQ: DLO) investors who suffered substantial losses to submit your losses now.
DLocal Limited (NASDAQ: DLO) Securities Class Action:
The complaint alleges that DLocal made false and misleading statements and failed to disclose that: (1) it engaged in certain improper conduct and transfers abroad in violation of Argentine laws, including foreign exchange regulations; (2) its compliance controls and procedures, including disclosure controls and procedures and internal controls over financial reporting, were deficient; and (3) the foregoing subjected the company to a heightened risk of government scrutiny in Argentina.
Investors began to learn the truth on May 26, 2023, when Argentine news outlet Infobae reported that the Argentine government was investigating DLocal for a possible $400 million fraud, for “improper maneuvers” and transfers abroad. Infobae cited unnamed government sources who reportedly alleged that the company “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” and others who indicated that Argentine customs authorities were evaluating whether to notify the U.S. SEC and Treasury.
In response to this news, the price of DLocal shares fell $2.39, or about 17%, on May 26, 2023.
Then, on June 5, 2023, DLocal revealed that it received a request for information from the Argentine customs authorities and an Argentine prosecutor filed a petition for inquiry in response to the May Infobae article.
More recently, on June 15, 2023, DLocal revealed that it was engaging senior representatives of the Argentine government regarding, among other things, the company’s compliance with foreign exchange regulations.
“We’re focused on investors’ losses and investigating whether DLocal complied with foreign exchange regulations,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in DLocal and have significant losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
Whistleblowers: Persons with non-public information regarding DLocal should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email DLO@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Past results do not guarantee future outcomes.
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Reed Kathrein, 844-916-0895
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