XP Inc. – Class Action Lawsuit Filed On Behalf Of Purchasers of XP Securities In Connection With XP’s December 2019 IPO – XP Shareholders Who Purchased, Or Otherwise Acquired, XP Securities In Connection With XP’s Initial Public Offering Are Encouraged to Contact Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is making investors aware that on March 21, 2020, a class action lawsuit was filed in United States District Court, Eastern District of New York, on behalf of persons who purchased, or otherwise acquired, XP securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with XP’s December 2019 initial public offering (the “IPO” or “Offering”).

According to the complaint, in December 2019, the Defendants held the XP IPO, offering approximately 83 million Class A common shares to the investing public at $27.00 per share. By the commencement of the class action, XP’s shares traded significantly below XP’s IPO price.  As a result, XP investors were damaged.

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

Kehoe Law Firm, P.C.