Securities
Oct. 30, 2026
Block investors win class certification in Cash App fraud lawsuit
A federal judge allowed investors to pursue class claims that Block inflated Cash App user numbers by failing to weed out fake accounts, but excluded those who purchased shares after a 2023 short-seller report exposed the alleged problems.
A securities fraud lawsuit accusing Block Inc. of inflating Cash App's user numbers by failing to remove fraudulent accounts can proceed as a class action, although a federal judge substantially narrowed the group of investors eligible to participate.
U.S. District Judge Noel Wise granted class certification Wednesday but rejected the plaintiffs' proposed class period extending into May 2025, finding that a March 2023 short-seller report had already disclosed the alleged m...
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