The lawsuit, spearheaded by the Rosen Law Firm, claims that PicS N.V. failed to disclose critical deficiencies in its credit evaluation procedures discovered in late 2025. According to the complaint, the company allegedly reclassified approximately R$590 million in credit exposures, resulting in an incremental R$88 million charge in the final quarter of 2025. Furthermore, the filing asserts that PicS experienced an unreported 7% Stage 3 formation rate during that period, a figure that significantly diverged from trends presented to prospective investors.

Legal representatives allege that the IPO documents overstated the efficacy of the firm's credit models and underwriting practices. The suit contends that PicS N.V. entered into riskier business lines prior to the public offering, leading to a degradation in customer credit quality and an undisclosed trend of rising defaults. While a lead plaintiff will be appointed to represent the class, investors are not required to take action at this stage to remain members of the potential class, nor does serving as lead plaintiff affect an individual's ability to share in a future recovery.