The complaint filed by the Law Offices of Frank R. Cruz alleges that PicS misled shareholders by failing to disclose significant deficiencies in its risk management procedures identified in late 2025. Specifically, the suit claims the company reclassified R$590 million of assets from Stage 2 to Stage 3, triggering an R$88 million charge that was not adequately communicated to investors during the IPO process.

Beyond the accounting adjustments, the lawsuit contends that PicS experienced an unreported 7% Stage 3 formation rate in the final quarter of 2025, a sharp deviation from historical trends. The plaintiffs argue that the company’s offering documents overstated the efficacy of its credit models and failed to acknowledge that entry into riskier business lines had already begun to degrade customer credit quality. Investors seeking to participate in the action or seeking further information regarding their legal standing are instructed to contact the Law Offices of Frank R. Cruz before the August deadline.