SAN FRANCISCO, July 22, 2022 (GLOBE NEWSWIRE) — Hagens Berman urges Block, Inc. (NYSE:SQ) investors who suffered significant losses to submit your losses now. The firm is investigating possible securities law violations.

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Blocks, Inc. (NYSE: SQ) Investigations:

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

More specifically, Block has in the past assured Cash App Investing customers that “[t]o protect your personal information from unauthorized access and use, we use security measures that comply with federal law,” “[t]these measures include computer safeguards and secured files and buildings,” and “[t]he Company takes the security of information belonging to its customers very seriously.”

The accuracy of these statements came into question on Apr. 4, 2022, when Block announced that a former employee, after termination, improperly downloaded certain reports of Cash App Investing on Dec. 10, 2021. 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 for one trading day. As many as 8.2 million current and former Cash App Investing customers may have been affected by the privacy breach.

This news sent the price of Block shares sharply lower on Apr. 5, 2022.

The New York Times later reported on the incident, quoting 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.”

“We’re focused on investors’ losses and whether Block misled investors about its operational risks,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Block and have significant losses, or have knowledge

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