Block Inc., the fintech business formerly known as Square, its CEO Jack Dorsey and its CFO Amrita Ahuja were slapped with a securities class action Tuesday in New York Southern District Court in relation to a 2022 data breach. The court action, filed by Glancy Prongay & Murray and other counsel, accuses the defendants of failing to disclose that Block lacked adequate protocols restricting access to customer sensitive information and that a former employee was able to download certain reports of Block's subsidiary, Cash App Investing. Counsel have not yet appeared for the defendants. The case is 1:22-cv-08636, Esposito v. Block, Inc. et al.
Banking & Financial Services
October 11, 2022, 6:30 PM