Hagens Berman Investigates PicS N.V. (PICS) – Securities Class Action Alleges IPO Disclosure Failures

Hagens Berman Investigates PicS N.V. (PICS) – Securities Class Action Alleges IPO Disclosure Failures

July 17, 2026

Hagens Berman Sobol Shapiro LLP

SAN FRANCISCO, July 17, 2026

Hagens Berman, a recognized leader in securities litigation, is actively investigating claims pled in an investor class action alleging that PicS N.V. (NASDAQ: PICS) January 30, 2026, Initial Public Offering (IPO) documents contained misrepresentations and omissions.

The PICS securities class action focuses 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.

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.

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.

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.