NEW YORK, Feb. 11, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of DLocal Limited DLO resulting from allegations that dLocal may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased dLocal securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://ift.tt/92eZD0U or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On November 16, 2022, Muddy Waters Research (“Muddy Waters”) published a report entitled “DLO: ‘History Never Repeats Itself, but it Does Often Rhyme,'” which concluded that “DLO is likely a fraud” and stated that the Company “has repeated disclosures about its TPV and accounts receivable that flatly contradict one another. There is also a contradictory discrepancy between two key subsidiaries’ accounts payable and accounts receivable. These types of seemingly innocuous misstatements are, instead, often signs of cooked books because it can become quite a strain to keep the numbers straight once you start manipulating them.” In addition, the report stated that “Management and directors dumped an extraordinary ~$1 billion in shares within the first five months of DLO being public. A spate of recent high-level departures brings to mind the idiom about ‘rats fleeing a sinking ship.'”
On this news, dLocal’s stock price fell $10.76 per share, or 50%, to close at $10.46 per share on November 16, 2022.
Then, on December 1, 2022, Muddy Waters published a second report stating that dLocal has held calls with clients from several…
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