Case Status
Case Caption
In re Block, Inc. Securities Litigation
Lead Counsel
Practice Areas
U.S. District Court for the Southern District of New York
Judge Assigned
Hon. Margaret M. Garnett
Case Number
Block, Inc.
Jack Dorsey
Amrita Ahuja
Jim McKelvey
Stock Symbol
File Date
Class Period
Lead Plaintiff Deadline

The litigation focuses on Block’s statements about its subsidiary’s (Cash App Investing) customer privacy policies and controls.

The complaint alleges Defendants failed to disclose to investors that: (1) Block lacked adequate protocols restricting access to customers’ sensitive information; (2) as a result, a former employee was able to download certain reports of Cash App Investing that contained full customer names and brokerage account numbers, as well as brokerage portfolio values, holdings, and/or trading activity; and, (3) as a result, the company was reasonably likely to suffer significant damage, including reputational harm.

According to the complaint, investors learned the truth on Apr. 4, 2022, when Block announced that a former employee downloaded certain reports of Cash App Investing on Dec. 10, 2021, affecting as many as 8.2 million current and former Cash App Investing customers. The information in the reports included full customer names and brokerage account numbers. For some customers, the stolen reports also included brokerage portfolio value, brokerage portfolio holdings and/or stock trading activity.

This news sent the price of Block shares sharply lower on Apr. 5, 2022, wiping out over $4 billion of shareholder value.

The New York Times later quoted a security expert at KnowBe4, a cybersecurity training company: “Taking customers’ data and security seriously would require securing external access to employees’ accounts and disabling that access upon termination, preferably before the employee leaves.”


Amended Complaint is filed

Hagens Berman is Appointed Lead Counsel

Hagens Berman purchases advertisements on search engines, social media sites and other websites. Transmission of the information contained or available through this website is not intended to create, and receipt does not constitute, an attorney-client relationship. If you seek legal advice or representation by Hagens Berman, you must first enter a formal agreement. All information contained in any transmission is confidential and Hagens Berman agrees to protect information against unauthorized use, publication or disclosure. This site is regulated by the Washington Rules of Professional Conduct.