LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired StoneCo Ltd. (“StoneCo” or the “Company”) (NASDAQ: STNE) securities between March 11, 2021 and November 16, 2021, inclusive (the “Class Period”). StoneCo investors have until January 18, 2022 to file a lead plaintiff motion.
The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of StoneCo Ltd. (STNE) Investors
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On August 30, 2021, after the market closed, StoneCo announced its second quarter 2021 financial results in a press release, reporting an 8.1% year-over-year decrease in revenue “mainly due to adjustments in credit fair value and significantly lower credit disbursements.” The Company stated that it had “implemented some prudent actions, like temporarily stopping the disbursement of credit and increasing coverage for potential future losses, which impacted [StoneCo’s] reported results for the quarter.”
On this news, the Company’s share price fell $2.96, to close at $46.54 per share on August 31, 2021, on unusually heavy trading volume.
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