Company Announcements

SAN FRANCISCO , June 11, 2026 /PRNewswire/ -- PicS N.V. (NASDAQ: PICS) faces a securities class action lawsuit just months after the company completed its initial public offering whereby it issued about 22.9 million shares to investors at $19 per share. The lawsuit seeks to represent investors who purchased or otherwise acquired PicS common stock in and/or traceable to the company's January 30, 2026 IPO.

By the time of the lawsuit, PicS shares had steadily declined to $9.82, or over 51% below the IPO price as the company revealed adverse facts about its pre-IPO credit evaluation procedures.

The revelations and severe PicS share price decline support national shareholder rights firm Hagens Berman's investigation into legal claims that PicS and its co-defendants violated the federal securities laws.

The firm encourages PicS investors who suffered substantial losses to submit your losses now.

Lead Plaintiff Deadline: Aug. 4, 2026
Visit: www.hbsslaw.com/investor-fraud/pics
Contact the Firm Now:  PICS@hbsslaw.com
                                       844-916-0895

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

PicS operates one of the largest digital banks in Brazil and offers various payment, credit, insurance products. Credit products represent one of PicS' main growth drivers, accounting for about 52% of its total revenue by the company's fourth quarter of 2025.

PicS' credit evaluation and quality are of paramount importance to investors who provide the capital. In its IPO documents, PicS assured investors that "[w]e are able to leverage the user data that we collect from transactions within our ecosystem […] to offer credit to those consumers who meet our strict credit underwriting criteria."

The litigation's focus is on the propriety of PicS' disclosures concerning the sufficiency of its credit evaluation procedures, allowance for expected credit losses ("ECL"), and classification of financial assets into Stage 1 (no significant increase in credit risk since recognition), Stage 2 (significant increase in credit risk subsequent to recognition) and Stage 3 (credit impaired).

The complaint alleges that, unknown to investors, PicS had evaluated its credit evaluation procedures before the IPO. During December 2025, PicS determined they were deficient and required enhancement.

In addition, the complaint alleges that PicS' enhancement procedures resulted in the company reclassifying approximately R$590 million of exposures from Stage 2 to Stage 3 and resulted in an incremental ECL charge of R$88 million in the three months ended December 31, 2025.

Moreover, the complaint alleges PicS experienced a heightened and undisclosed Stage 3 formation rate showing new contracts entering default spiking from 3.8% in Q3 2025 to over 7% in Q4 2025. The metric substantially deviated from the results and trends disclosed in the IPO offering documents.

The truth entered the market through a series of partial disclosures. For example, on March 19, 2026 PicS filed its financial results for its Q4 and FY 2025, which both ended before the IPO. The company's Stage 2 to Stage 3 reclassifications as well as its spike in defaulting Stage 3 loans were among the matters revealed in the filing.

Then, on June 2, 2026, PicS announced its Q1 2026 results revealing significant additional deterioration in credit quality and a massive 13% spike in Stage 3 loans.

"We're focused on whether PicS' IPO documents were negligently prepared for failing to disclose adverse facts about its credit evaluation processes," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation.

If you invested in PicS and have substantial losses, or have knowledge that will assist the firm's investigation, submit your losses now »

If you'd like more information and answers to other frequently asked questions about the PicS case and the firm's investigation, read more »

Whistleblowers: Persons with non-public information regarding PicS should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email PICS@hbsslaw.com.

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

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SOURCE Hagens Berman Sobol Shapiro LLP