BOSTON, March 09, 2020 (GLOBE NEWSWIRE) -- National securities litigation firm Block & Leviton (www.blockesq.com) announces new developments in its investigation of whether XP, Inc. (NASDAQ: XP) and certain of its officers misled investors. Investors who have lost money are encouraged to contact us for a free case evaluation.

XP, one of Brazil’s largest brokerage firms, went public on December 13, 2019 in a $1.96 billion public offering. On March 6, 2020, less than three months later, investment firm The Winkler Group published a short report raising serious questions about the accuracy of XP’s financials. Among other things, the report charges that there are significant discrepancies between XP’s internal audits and the financial statements the company provided investors in its IPO prospectus. In addition, the report alleges that XP fired its auditor after it discovered material weaknesses in the company’s internal controls.

Today, XP filed a response to The Winkler Group’s report with the U.S. Securities Exchange Commission, disputing these allegations. Despite XP’s response, the company’s stock continues to nosedive, down over 12% in intraday trading.

“We will continue to rigorously investigate the matter, focusing on investor losses” said Mark Delaney, the Block & Leviton attorney leading the investigation.

If you have purchased or acquired XP securities, and have questions about your legal rights, or possess information relevant to this matter, you are encouraged to contact attorney Mark Delaney directly at (617) 398-5600, by email at mdelaney@blockesq.com, or by visiting https://shareholder.law/xp.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets.  The firm represents many of the nation's largest institutional investors and individual investors in securities litigation throughout the United States. Its lawyers have recovered billions of dollars for its clients.

This notice may constitute attorney advertising.

CONTACT:

BLOCK & LEVITON LLP
Mark Delaney
(617) 398-5600 phone
260 Franklin Street, Suite 1860
Boston, MA 02110
mdelaney@blockesq.com

SOURCE Block & Leviton LLP

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