If you invested in dLocal and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses »

CLASS PERIOD
05/02/2022 - 05/25/2023

LEAD PLAINTIFF DEADLINE
12/05/2023

RELATED DOCUMENTS
Complaint 10/06/23

STOCK SYMBOL
NASDAQ: DLO

CONTACT
844-916-0895
DLO@hbsslaw.com

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.

DLO stock chart

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.

If you invested in DLocal and have significant losses, or have knowledge that may assist the firm’s investigation, submit your losses.

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, contact Reed Kathrein at 844-916-0895 or DLO@hbsslaw.com.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the DLO securities class-action case about?

This lawsuit on behalf of investors nationwide 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. 

WHAT SHOULD I DO?

I worked at DLO. What should I do?

If you were an employee of DLO during the period relevant to the class-action case, you may have valuable information that could be relevant to the lawsuit. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower 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, contact Reed Kathrein at 844-916-0895 or DLO@hbsslaw.com.

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICPATE?

Am I affected? What do I need to do to participate?

If you were an investor in DLO during the relevant period specified in the class-action lawsuit, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any DLO investor participate?

In most class-action cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.

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