Press release
Lawsuit filed for Investors in DLocal Limited (NASDAQ: DLO)
An investor, who purchased shares of DLocal Limited (NASDAQ: DLO), filed a lawsuit over alleged violations of Federal Securities Laws by DLocal Limited.
Investors in DLocal Limited (NASDAQ: DLO) shares have certain options and for certain investors are short and strict deadlines running. Deadline: December 5, 2023. NASDAQ: DLO investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On May 26, 2023, Argentine news outlet Infobae reported that the Argentine government was investigating DLocal Limited for a possible $400 million fraud. Specifically, Infobae reported that the government was investigating the Company for "improper maneuvers" and transfers abroad, with unnamed sources alleging that DLocal Limited "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."
The same day, May 26, 2023, DLocal Limited issued a response to the Infobae article, characterizing it as "misleading" and "factually incorrect." DLocal Limited's response also assured investors that the Company is in close contact with Argentine authorities, that there is a continuous flow of information with those authorities, and that the Company was not notified by any Argentinian authority regarding a foreign exchange investigation.
Then, on June 15, 2023, DLocal Limited issued a press release revealing that it was engaging with senior representatives of the Argentine federal government to discuss, among other matters, the manner in which DLocal operates in the country, including DLocal's compliance with foreign exchange regulations.
The plaintiff claims that between May 2, 2022 and May 25, 2023, the Defendants failed to disclose to investors that: (i) DLocal engaged in certain improper conduct and transfers abroad in violation of Argentine laws and/or regulations, including, inter alia, foreign exchange regulations; (ii) accordingly, DLocal's compliance controls and procedures, including its disclosure controls and procedures and internal controls over financial reporting, were deficient; (iii) all the foregoing subjected the Company to a heightened risk of governmental and/or regulatory scrutiny in Argentina and/or enforcement action by Argentine authorities; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of DLocal Limited (NASDAQ: DLO) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Investors in DLocal Limited (NASDAQ: DLO) shares have certain options and for certain investors are short and strict deadlines running. Deadline: December 5, 2023. NASDAQ: DLO investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On May 26, 2023, Argentine news outlet Infobae reported that the Argentine government was investigating DLocal Limited for a possible $400 million fraud. Specifically, Infobae reported that the government was investigating the Company for "improper maneuvers" and transfers abroad, with unnamed sources alleging that DLocal Limited "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."
The same day, May 26, 2023, DLocal Limited issued a response to the Infobae article, characterizing it as "misleading" and "factually incorrect." DLocal Limited's response also assured investors that the Company is in close contact with Argentine authorities, that there is a continuous flow of information with those authorities, and that the Company was not notified by any Argentinian authority regarding a foreign exchange investigation.
Then, on June 15, 2023, DLocal Limited issued a press release revealing that it was engaging with senior representatives of the Argentine federal government to discuss, among other matters, the manner in which DLocal operates in the country, including DLocal's compliance with foreign exchange regulations.
The plaintiff claims that between May 2, 2022 and May 25, 2023, the Defendants failed to disclose to investors that: (i) DLocal engaged in certain improper conduct and transfers abroad in violation of Argentine laws and/or regulations, including, inter alia, foreign exchange regulations; (ii) accordingly, DLocal's compliance controls and procedures, including its disclosure controls and procedures and internal controls over financial reporting, were deficient; (iii) all the foregoing subjected the Company to a heightened risk of governmental and/or regulatory scrutiny in Argentina and/or enforcement action by Argentine authorities; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of DLocal Limited (NASDAQ: DLO) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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