PICS Deadline Alert: SueWallSt Reminds PicS N.V. (PICS) Investors of Securities Class Action Deadline on August 4, 2026

From IPO Euphoria to Disillusionment: How Investor Confidence in PicS N.V. Collapsed as a Hidden December 2025 Credit Review and R$590 Million Loan Reclassification Erased More Than Half of Shareholders' Investment Value

NEW YORK, June 23, 2026 (GLOBE NEWSWIRE) -- When PicS N.V. (Nasdaq: PICS) priced its initial public offering at $19 per share on January 30, 2026, investor appetite was extraordinary. Demand reportedly exceeded supply by more than 12 times. Within months, those same shareholders watched their investment lose over 52% of its value, with shares falling below $9. A securities class action has been filed on behalf of investors who purchased PICS shares in or traceable to the IPO. Find out if you are entitled to recover your IPO losses or contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com or (888) SueWallSt.

The stock's collapse from $19.00 to below $9.00 represents a loss exceeding $10.00 per share for IPO purchasers. The lead plaintiff deadline is August 4, 2026.

The Early Optimism

PicS attracted significant investor interest by positioning itself as one of Brazil's largest digital banks operating in a market the Company described as ripe for disruption. The Offering Documents promoted R$7 billion in quarterly loan originations, proprietary AI credit models claiming "up to 3.0 times more accuracy," and "strict credit underwriting criteria." Investors reportedly embraced the growth narrative, driving IPO demand to levels that far outstripped available shares. The Company's credit business, accounting for 52% of total revenue, was presented as a core engine of expansion with stable risk metrics, including a Stage 3 formation rate of just 3.6% as of September 30, 2025.

The Growing Concerns

Confidence began eroding almost immediately. Just five days after the IPO, a Seeking Alpha analyst published a report titled "PicPay: Stay Away from the Stock at this Price," flagging overvaluation concerns, an unfavorable margin profile relative to peers, and a troubled history involving controlling shareholder J&F marked by "conflicts of interest and corruption with the Brazilian Government." The report introduced doubts that contrasted sharply with the optimism surrounding the offering.

The Breaking Point

On March 19, 2026, PicS disclosed Q4 2025 results revealing that weeks before the IPO, the Company had conducted a December 2025 internal review finding its "historical credit evaluation policies and procedures were deficient." The filing revealed R$590 million in loans had been reclassified from Stage 2 to Stage 3, triggering an R$88 million incremental expected credit loss charge. The Stage 3 formation rate had nearly doubled to 7.1% in the quarter immediately preceding the IPO. By June 2, 2026, Q1 2026 results showed Stage 3 loans had ballooned to 13% of the total portfolio, with NPLs over 90 days past due reaching 8.9%, more than double the prior year's 4%.

Sentiment Arc and Investor Harm

• IPO demand exceeded supply by more than 12 times, reflecting extraordinary initial confidence in the Company's credit growth story
• Within five days, independent analysis publicly questioned the Company's valuation and the integrity of its controlling shareholders
• Less than three months after the IPO, the Company admitted to pre-IPO credit deficiencies that had been concealed from offering investors
• The Stage 3 formation rate disclosed post-IPO was 97% higher than the figure presented in the Offering Documents
• By June 4, 2026, shares traded below $9, erasing more than $10 per share of investor capital from the $19 IPO price
• Investors who relied on representations of "strict credit underwriting criteria" and stable credit metrics suffered losses exceeding 52%

"Investor confidence depends on receiving truthful information from the companies they invest in. When the gap between what shareholders were told at the IPO and what was happening internally is this significant, the resulting harm to investors can be severe," stated Joseph E. Levi, Esq.

Speak with an attorney about recovering your PicS N.V. investment losses or call (888) SueWallSt.

SueWallSt is a nationally recognized shareholder rights firm. Over the past 20 years, the firm has secured hundreds of millions of dollars for aggrieved shareholders. Ranked in ISS Top 50 for seven consecutive years.

Frequently Asked Questions About the PICS Lawsuit

Q: When did PicS N.V. allegedly mislead investors? A: The class covers investors who purchased PICS Class A common stock in or traceable to the January 30, 2026 IPO. The complaint alleges the Offering Documents contained materially false and misleading statements about the Company's credit quality, underwriting practices, and loan portfolio health, concealing a December 2025 internal review and R$590 million loan reclassification that occurred before the IPO.

Q: How much did PICS stock drop? A: Shares fell from the $19.00 IPO price to below $9.00 by June 4, 2026, a decline exceeding 52% and representing losses of more than $10.00 per share. The complaint alleges this decline resulted from post-IPO disclosures revealing credit portfolio deterioration that had been concealed in the Offering Documents.

Q: What do PICS investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact SueWallSt for a free, no-obligation evaluation at jlevi@SueWallSt.com or (888) SueWallSt. No immediate action is required to remain eligible as a class member.

Q: What if I already sold my PICS shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought PICS stock in or traceable to the IPO and sold at a loss may still participate.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. You submit a claim form to receive your portion of recovery.

Q: What does it cost me to participate? A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

Q: Can I join a different law firm's lawsuit instead? A: Certainly. We did not file the initial suit in this case, however that does not impact whether we may attempt to represent the lead plaintiff. Multiple firms often file competing complaints. The court then consolidates and appoints a single lead counsel. Contacting SueWallSt before August 4, 2026 ensures your losses are considered.

CONTACT:\
SueWallSt\
Joseph E. Levi, Esq.\
Ed Korsinsky, Esq.\
33 Whitehall Street, 27th Floor\
New York, NY 10004\
jlevi@SueWallSt.com\
Tel: (888) SueWallSt\
Fax: (212) 363-7171

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