SAN DIEGO, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of the federal securities laws by StoneCo Ltd. ("StoneCo" or the "Company") (NASDAQ: STNE).
On August 30, 2021, after the market closed, Stone announced its second quarter 2021 financial results, reporting an 8.1% year-over-year decrease in revenue "mainly due to adjustments in credit fair value and significantly lower credit disbursements." Further stating, the “credit business remains in the early stages and we made some mistakes in our execution, especially not foreseeing how the malfunctioning of the registry system could harm our business. So we decided to take a cautious approach and implemented some prudent actions, like temporarily stopping the disbursement of credit and increasing coverage for potential future losses, which impacted our reported results for the quarter.” Likewise, StoneCo thinks it could take three to six months before it can resume operations as normal.
Following this news, the Company’s share price fell sharply during afterhours trading on August 30, 2021.
If you have information that could assist in this investigation, including past employees and others, or if you are a StoneCo shareholder and are interested in learning more about the investigation, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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