New York, New York--(Newsfile Corp. - July 11, 2026) - Kaplan Fox &amp; Kilsheimer LLP announces that a class action lawsuit has been filed against PicS N.V. (&#34;PicS&#34; or the &#34;Company&#34;) (NASDAQ:PICS) on

<p>New York, New York--(Newsfile Corp. - July 11, 2026) - <a href="https://www.kaplanfox.com/?utm_source=NewsFile&#38;utm_medium=Press+Release&#38;utm_campaign=PICS+NF&#38;utm_id=PicS+NV">Kaplan Fox &#38; Kilsheimer LLP</a> announces that a class action lawsuit has been filed against PicS N.V. ("PicS" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PICS">PICS</a>) 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.</p><p style="text-align: center;"><a href="https://www.kaplanfox.com/case/pics-n-v-class-action-alert-learn-more-now/?utm_source=NewsFile&#38;utm_medium=Press+Release&#38;utm_campaign=PICS+NF&#38;utm_id=PicS+NV">CLICK HERE TO JOIN THE CASE</a></p><p><b>If you are an investor in PicS and have suffered losses, you may </b><a href="https://www.kaplanfox.com/case/pics-n-v-class-action-alert-learn-more-now/?utm_source=NewsFile&#38;utm_medium=Press+Release&#38;utm_campaign=PICS+NF&#38;utm_id=PicS+NV"><b>CLICK HERE</b></a><b> to contact us. You may also contact Kaplan Fox by emailing </b><a href="mailto:pmayer@kaplanfox.com"><b>pmayer@kaplanfox.com</b></a><b> or by calling (646) 315-9003.</b></p><p><b>DEADLINE REMINDER: </b>If you are a member of the proposed Class, you may move the court <u><b>no later than August 4, 2026</b></u> to serve as a lead plaintiff for the purported class.  If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.</p><p>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.</p><p>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." </p><p>On March 19, 2026, the price of PicS shares fell $3.56 per share, or 22.5%, to close at $12.27 per share.</p><p>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."</p><p>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.</p><p><b>WHY CONTACT KAPLAN FOX?</b></p><p>Kaplan Fox &#38; Kilsheimer LLP is a nationally recognized law firm focused on complex litigation, with offices in New York, Oakland, Los Angeles, Chicago, and New Jersey. Founded in 1956, the firm has spent more than 50 years prosecuting securities, antitrust, and consumer protection actions in federal and state courts nationwide, recovering more than $10 billion for clients and the classes it has represented.</p><p>Kaplan Fox is widely regarded as one of the nation's premier plaintiffs' securities litigation firms and has received recognition from Chambers and Partners, Benchmark Litigation, Super Lawyers, and Lawdragon. Serving as lead or co-lead counsel in many landmark cases, the firm has secured some of the largest recoveries in the history of securities litigation, including a $2.425 billion recovery on behalf of Bank of America shareholders in <i>In re Bank of America</i>&#8212;the largest recovery ever obtained for claims under Section 14(a) of the Securities Exchange Act&#8212;$800 million recovered for the Arkansas Teacher Retirement System and other pension funds in <i>ATRS v. Allianz Global Investors</i>, and a $475 million settlement in <i>In re Merrill Lynch</i>.</p><p>For decades, Kaplan Fox has represented public pension funds, institutional investors, businesses, and individuals in high-stakes litigation. Through its successful advocacy and precedent-setting victories, the firm has helped shape important areas of securities and corporate law while advancing accountability and protecting investor interests.</p><p>This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Past results do not guarantee future outcomes.</p><p>If you have any questions about this Notice, your rights, or your interests, please contact:</p><div id="contactInfo"><p><b>CONTACT:</b></p><p>Pamela A. Mayer<br /><a href="http://www.kaplanfox.com/">KAPLAN FOX &#38; KILSHEIMER LLP</a><br />800 Third Avenue, 38th Floor<br />New York, New York 10022<br />(646) 315-9003<br /><a href="mailto:pmayer@kaplanfox.com">pmayer@kaplanfox.com</a></p><p>Laurence D. King<br /><a href="http://www.kaplanfox.com/">KAPLAN FOX &#38; KILSHEIMER LLP</a><br />1999 Harrison Street, Suite 1501<br />Oakland, California 94612<br />(415) 772-4704<br /><a href="mailto:lking@kaplanfox.com">lking@kaplanfox.com</a></p></div><p>Contacting or submitting information to Kaplan Fox &#38; Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client.</p><p><a href="https://www.kaplanfox.com/case/pics-n-v-class-action-alert-learn-more-now/">https://www.kaplanfox.com/case/pics-n-v-class-action-alert-learn-more-now/</a></p><p id="corporateNewsLogoContainer"><img src="https://images.newsfilecorp.com/files/12532/304525_dbebd4bf54022ba1_logo.jpg" id="corporateNewsLogo" alt="Corporate Logo" /></p><p id="corporateLinkBack">To view the source version of this press release, please visit <a href="https://www.newsfilecorp.com/release/304525">https://www.newsfilecorp.com/release/304525</a></p><p><img src="https://api.newsfilecorp.com/newsinfo/304525/197" alt="" /></p>

PICS

Kaplan Fox & Kilsheimer LLP Encourages PicS N.V. (PICS) Investors to Contact the Firm Before August 4, 2026

PicS Faces Securities Lawsuit Over IPO Disclosures, Prompting Near-Term Risk

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>New York, New York--(Newsfile Corp. - July 11, 2026) - Kaplan Fox &amp;amp; Kilsheimer LLP announces that a class action lawsuit has been filed against PicS N.V. (&amp;#34;PicS&amp;#34; or the &amp;#34;Company&amp;#34;) (NASDAQ:PICS) on</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Kaplan Fox filed a securities class action against PicS alleging misstatements around December 2025 credit-evaluation changes and Stage 3 reclassification, which contributed to a Q4 ECL uptick and the post-IPO stock drop. The suit underscores potential headline risk and scrutiny of PicS&#039;s risk models, potentially weighing sentiment and near-term valuation.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>PicS IPO priced at $19. Kaplan Fox files class action alleging misstatements.</li><li>R$590M Stage 2 reclassified to Stage 3; ECL up $88M in Q4 2025.</li><li>PicS fell 22.5% to $12.27 on Mar 19, 2026. Sub-$9 by Jun 4, 2026.</li><li>IPO Jan 30, 2026: 22.9M Class A at $19.</li><li>Lead plaintiff deadline: Aug 4, 2026.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>PicS N.V. (PICS)</strong>: Subject of securities class action; potential price impact from litigation and disclosures.</li><li><strong>Kaplan Fox &amp; Kilsheimer LLP (N/A)</strong>: Plaintiff law firm leading the action; signals ongoing litigation activity around PICS.</li></ul>
  </section>

  <section data-block="category">
    <h3>Legal</h3>
    <p>Category: Legal. Fits as a securities class-action notice tied to IPO disclosures and risk-model disclosures, potentially affecting PicS&#039;s perceived risk and valuation.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Headline risk from the lawsuit could pressure PicS stock in the near term.</li><li>Lead plaintiff deadline Aug 4, 2026 may trigger volatility.</li><li>ECL and Stage 3 metrics cited may influence risk modeling.</li><li>IPO-related valuation concerns amplify sensitivity to litigation news.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>IPO date: Jan 30, 2026; price $19; shares 22.9M.</li><li>Stock price: Mar 19, 2026 close $12.27, down 22.5%.</li><li>As of June 4, 2026, price low under $9 (more than 50% below IPO).</li><li>R$590M Stage 2 reclassified to Stage 3; ECL increase $88M in Q4 2025.</li><li>Lead plaintiff deadline: Aug 4, 2026.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>PICS may face near-term downside from the lawsuit, with risk to sentiment and ECL management over 3–6 months.</p>
  </section>
</section>


<p>New York, New York--(Newsfile Corp. - July 11, 2026) - <a href="https://www.kaplanfox.com/?utm_source=NewsFile&#38;utm_medium=Press+Release&#38;utm_campaign=PICS+NF&#38;utm_id=PicS+NV">Kaplan Fox &#38; Kilsheimer LLP</a> announces that a class action lawsuit has been filed against PicS N.V. ("PicS" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PICS">PICS</a>) 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.</p><p style="text-align: center;"><a href="https://www.kaplanfox.com/case/pics-n-v-class-action-alert-learn-more-now/?utm_source=NewsFile&#38;utm_medium=Press+Release&#38;utm_campaign=PICS+NF&#38;utm_id=PicS+NV">CLICK HERE TO JOIN THE CASE</a></p><p><b>If you are an investor in PicS and have suffered losses, you may </b><a href="https://www.kaplanfox.com/case/pics-n-v-class-action-alert-learn-more-now/?utm_source=NewsFile&#38;utm_medium=Press+Release&#38;utm_campaign=PICS+NF&#38;utm_id=PicS+NV"><b>CLICK HERE</b></a><b> to contact us. You may also contact Kaplan Fox by emailing </b><a href="mailto:pmayer@kaplanfox.com"><b>pmayer@kaplanfox.com</b></a><b> or by calling (646) 315-9003.</b></p><p><b>DEADLINE REMINDER: </b>If you are a member of the proposed Class, you may move the court <u><b>no later than August 4, 2026</b></u> to serve as a lead plaintiff for the purported class.  If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.</p><p>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.</p><p>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." </p><p>On March 19, 2026, the price of PicS shares fell $3.56 per share, or 22.5%, to close at $12.27 per share.</p><p>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."</p><p>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.</p><p><b>WHY CONTACT KAPLAN FOX?</b></p><p>Kaplan Fox &#38; Kilsheimer LLP is a nationally recognized law firm focused on complex litigation, with offices in New York, Oakland, Los Angeles, Chicago, and New Jersey. Founded in 1956, the firm has spent more than 50 years prosecuting securities, antitrust, and consumer protection actions in federal and state courts nationwide, recovering more than $10 billion for clients and the classes it has represented.</p><p>Kaplan Fox is widely regarded as one of the nation's premier plaintiffs' securities litigation firms and has received recognition from Chambers and Partners, Benchmark Litigation, Super Lawyers, and Lawdragon. Serving as lead or co-lead counsel in many landmark cases, the firm has secured some of the largest recoveries in the history of securities litigation, including a $2.425 billion recovery on behalf of Bank of America shareholders in <i>In re Bank of America</i>&#8212;the largest recovery ever obtained for claims under Section 14(a) of the Securities Exchange Act&#8212;$800 million recovered for the Arkansas Teacher Retirement System and other pension funds in <i>ATRS v. Allianz Global Investors</i>, and a $475 million settlement in <i>In re Merrill Lynch</i>.</p><p>For decades, Kaplan Fox has represented public pension funds, institutional investors, businesses, and individuals in high-stakes litigation. Through its successful advocacy and precedent-setting victories, the firm has helped shape important areas of securities and corporate law while advancing accountability and protecting investor interests.</p><p>This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Past results do not guarantee future outcomes.</p><p>If you have any questions about this Notice, your rights, or your interests, please contact:</p><div id="contactInfo"><p><b>CONTACT:</b></p><p>Pamela A. Mayer<br /><a href="http://www.kaplanfox.com/">KAPLAN FOX &#38; KILSHEIMER LLP</a><br />800 Third Avenue, 38th Floor<br />New York, New York 10022<br />(646) 315-9003<br /><a href="mailto:pmayer@kaplanfox.com">pmayer@kaplanfox.com</a></p><p>Laurence D. King<br /><a href="http://www.kaplanfox.com/">KAPLAN FOX &#38; KILSHEIMER LLP</a><br />1999 Harrison Street, Suite 1501<br />Oakland, California 94612<br />(415) 772-4704<br /><a href="mailto:lking@kaplanfox.com">lking@kaplanfox.com</a></p></div><p>Contacting or submitting information to Kaplan Fox &#38; Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client.</p><p><a href="https://www.kaplanfox.com/case/pics-n-v-class-action-alert-learn-more-now/">https://www.kaplanfox.com/case/pics-n-v-class-action-alert-learn-more-now/</a></p><p id="corporateNewsLogoContainer"><img src="https://images.newsfilecorp.com/files/12532/304525_dbebd4bf54022ba1_logo.jpg" id="corporateNewsLogo" alt="Corporate Logo" /></p><p id="corporateLinkBack">To view the source version of this press release, please visit <a href="https://www.newsfilecorp.com/release/304525">https://www.newsfilecorp.com/release/304525</a></p><p><img src="https://api.newsfilecorp.com/newsinfo/304525/197" alt="" /></p>

Kaplan Fox filed a securities class action against PicS alleging misstatements around December 2025 credit-evaluation changes and Stage 3 reclassification, which contributed to a Q4 ECL uptick and the post-IPO stock drop. The suit underscores potential headline risk and scrutiny of PicS's risk models, potentially weighing sentiment and near-term valuation.

Kaplan Fox & Kilsheimer LLP Encourages PicS N.V. (PICS) Investors to Contact the Firm Before August 4, 2026

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Legal

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