XP Inc. Securities Fraud Class Action

Case Background:

On March 21, 2020, the initial complaint in this securities class action was filed against XP, Inc. (“XPI” or the “Company”), and certain of XPI’s directors and officers, asserting violations of Sections 11, 12(a)(2), and 15 of the Securities Exchange Act. This is a federal securities class action brought on behalf of all persons and entities who purchased or otherwise acquired XPI Class A common stock pursuant and/or traceable to the Registration Statement, declared effective on December 10, 2019, issued in connection with XPI’s initial public offering.

The complaint alleges that the Company’s December 11, 2019 Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) XPI engaged in undisclosed related party transactions; (2) XPI failed to disclose its common and large system failures and connected losses; (3) XPI’s aggressive Independent Financial Agent strategy was and is tenuous; (4) XPI had material weaknesses; (5) XPI fired its previous accounting firm due that firm finding and disclosing material weaknesses; and (6) as a result, Defendants’ statements about XPI’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Current Status of Case:

On July 29, 2020, Lead Plaintiffs filed a consolidated amended complaint (the “Complaint”). Defendants filed a Motion to Dismiss the Complaint on September 14, 2020.  Defendants’ Motion to Dismiss was granted on March 8, 2021. On April 7, 2021, Lead Plaintiffs filed a Notice of Appeal in the Second Circuit Court of Appeals. On December 13, 2021, the Second Circuit Court of Appeals affirmed the District Court’s dismissal of the action.  This action has concluded.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at [email protected]. If you would like additional information about the suit, please click on the link “Submit Your Information” above and fill out the form as promptly as possible.