Kaplan Fox Alerts Investors of a Securities Class Action Against PicS N.V. (PICS) - Deadline is August 4, 2026

Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against PicS N.V. ("PicS" or the "Company") (NASDAQ: PICS) on behalf of all persons or entities who purchased PicS Class A common stock in and/or traceable to PicS' initial public offering ("IPO") on or around January 30, 2026.

On or around January 30, 2026, PicS concluded its IPO, selling approximately 22.9 million shares of Class A common stock at $19 per share. On March 19, 2026, less than three months after the IPO, PicS released its fourth quarter and full year 2025 financial results, which ended December 31, 2025 - before the IPO. The Company revealed that in December 2025, as part of the Company's "annual review of expected credit loss parameters," the Company had "implemented a stricter policy to accelerate the classification of renegotiated non-performing exposures from Stage 2 to Stage 3." Consequently, "R$590 million of Stage 2 portfolio balances were reclassified to Stage 3, resulting in an ECL increase of R$88 million in the quarter." Stage 3 is the Company's highest risk category for its credit portfolio, or "credit impaired." On March 19, 2026, the price of PicS shares fell $3.56 per share, or 22.5%, to close at $12.27 per share.

The complaint alleges, among other things, that in connection with the IPO, Defendants made false and/or misleading statements and/or failed to disclose that "(a) that 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; (b) that, as a result of the new procedures the Company 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 ECL charge of R$88 million in the three months ended December 31, 2025; (c) that 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 Offering Documents; (d) that the Offering Documents had materially overstated the quality and ability of the Company'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; and (e) that 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, materially impairing the Company's business, operations, and financial results."

The complaint alleges that as of June 4, 2026, PicS Class A common stock fell to a low of less than $9 per share, representing a more than 50% decline from the $19 per share IPO price.