Bragar Eagel & Squire, P.C. Litigation Partner Brandon Walker Encourages Investors Who Suffered Losses In PicPay (PICS) To Contact Him Directly To Discuss Their Options
If you purchased or acquired PicPay Class A common stock in and/or traceable to PicPay’ January 30, 2026 initial public offering (“IPO”) and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Melissa Fortunato directly at (212) 355-4648.
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NEW YORK, June 09, 2026 (GLOBE NEWSWIRE) --
What’s Happening:
- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against PicS N.V. (“PicPay” or the “Company”) (NASDAQ: PICS) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired PicPay Class A common stock in and/or traceable to PicPay’ January 30, 2026 initial public offering (“IPO”). Investors have until August 4, 2026 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Allegation Details:
- The PicS N.V. class action lawsuit alleges that defendants in the IPO's offering documents made false and/or misleading statements and/or failed to disclose that: (i) PicS N.V. had conducted an evaluation of its credit evaluation procedures in December 2025 and determined that such procedures were deficient and in need of enhancement; (ii) as a result of the new procedures PicS N.V. had implemented in December 2025, PicS N.V. had reclassified approximately R$590 million of exposures previously classified as Stage 2 to Stage 3, leading to an incremental ECL charge of R$88 million in the three months ended December 31, 2025; (iii) PicS N.V. had experienced a heightened, but unreported, Stage 3 formation rate of more than 7% in the fourth quarter of 2025 that deviated substantially from the historical results and trends provided in the offering documents; (iv) the IPO's offering documents had materially overstated the quality and ability of PicS N.V.'s credit models and user data to inform PicS N.V.'s underwriting practices and to allow PicS N.V. to timely and effectively monitor, assess, and identify adverse credit events, credit risks, and credit deterioration across its portfolio; and (v) PicS N.V. suffered from degradations in customer credit quality and heightened risks of default and loan impairment as a result of its entrance into materially riskier business lines leading up to the IPO, resulting in undisclosed adverse financial and operational trends such as heightened incidents of default, which predated the IPO and were internally projected by PicS N.V. to continue to worsen following the IPO, materially impairing PicS N.V.'s business, operations, and financial results.
- By June 4, 2026, PicS N.V. Class A common stock fell to a low of less than $9 per share, representing a more than 50% decline from the $19 per share IPO price. The price of PicS N.V. Class A common stock has remained substantially below the IPO price as of the date of the filing of the complaint.
Next Steps:
- If you purchased or otherwise acquired PicPay shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, South Carolina, and California. The firm represents individual and institutional investors in securities, derivative, and commercial litigation as well as individuals in consumer protection and data privacy litigation. The firm has a nationwide practice and routinely handles cases in both federal and state courts. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
