dLocal Limited announces unanimous appellate court affirmation of the complete dismissal of a New York State securities class action lawsuit alleging misleading statements in its IPO registration materials.
Key takeaways
Supreme Court of New York, Appellate Division, First Department unanimously affirmed dismissal of In the Matter of DLocal Securities Litigation (Index No. 151778/23).
Trial court had previously dismissed the complaint in its entirety against the Company and individual defendants.
Lawsuit alleged materially misleading statements and omissions in registration statement and prospectus relating to take rate trends.
Court rejected claims, finding no known material trend given consistent pre-IPO growth in TPV, revenue, and gross profit.
CEO Pedro Arnt stated the decision recognizes strength of disclosures and Company merits, with focus on strategy execution.