PicS N.V. (NASDAQ: PICS) Securities Fraud Class Action

Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired PicS N.V. (“PicS”) (NASDAQ: PICS) Class A common stock pursuant and/or traceable to PicS’s initial public offering (“IPO”) conducted on or about January 30, 2026.

The complaint alleges that PicS’s IPO documents contained materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) PicS had conducted an evaluation of its credit evaluation procedures in December 2025 and determined that such procedures were deficient and in need of enhancement; (2) as a result of the new procedures PicS had implemented in December 2025, PicS had reclassified approximately R$590 million of exposures previously classified as Stage 2 to Stage 3, leading to an incremental Expected Credit Loss (ECL) charge of R$88 million in the three months ended December 31, 2025; (3) PicS 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 IPO documents; (4) the IPO documents had materially overstated the quality and ability of PicS’s credit models and user data to inform the company’s underwriting practices and to allow PicS to timely and effectively monitor, assess, and identify adverse credit events, credit risks, and credit deterioration across its portfolio; (5) PicS 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 to continue to worsen following the IPO; and (6) as a result, Defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Current Status of Case:
On August 4, 2026, Motions to Appoint Lead Plaintiff and Lead Counsel were filed. This action is ongoing.

If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; 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.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs’ Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.