The Law Offices of Frank R. Cruz announces an investigation of PicS N.V., also known as PicPay Holdings (“PicPay” or the “Company”) (NASDAQ: PICS) on behalf of investors concerning the Company’s possible violations of federal securities laws.

What Is The Investigation About?
On March 18, 2026, PicPay released its fourth quarter 2025 financial results and revealed that, as part of the Company’s “annual review of expected credit loss parameters,” it had made several “enhancements” to its Expected Credit Loss (“ECL”) calculations, and “implemented a stricter policy to accelerate the classification of renegotiated non-performing exposures from Stage 2 to Stage 3.”

As a result, “R$590 million of Stage 2 portfolio balances were reclassified to Stage 3, resulting in an ECL increase of R$88 [$17.56 million USD].” Stage 3 is the Company’s highest risk category for its credit portfolio.

On this news, PicPay’s stock price fell $3.56, or 22.5%, to close at $12.27 per share on March 19, 2026, thereby injuring investors.