INVESTOR NOTICE: PicS (PICS) Investors with Substantial Losses Have Opportunity to Lead Investor Class Action- HBSS

Hagens Berman is investigating claims in a securities 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. The complaint alleges that, unknown to investors, PicS had evaluated its credit evaluation procedures before the IPO and determined they were deficient. 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.