The litigation, FirstFire Global Opportunities Fund, LLC v. PicS N.V., centers on allegations that the company’s IPO documents contained misleading information regarding credit models and internal data. The complaint claims that the firm failed to disclose significant deficiencies in its credit evaluation procedures identified in December 2025. According to the filing, these oversights led to the reclassification of R$590 million in exposures and an incremental Expected Credit Loss charge of R$88 million. Furthermore, the company allegedly experienced a 7% Stage 3 formation rate in the final quarter of 2025, a figure that significantly deviated from the trends presented to prospective shareholders.

The lawsuit asserts that the company overstated the quality of its underwriting practices while concealing a rise in loan impairment risks linked to new business lines. Since the IPO, which was priced at $19 per share, the company's stock value has dropped by more than 50%, falling to less than $9 per share. Investors interested in recovery options or the lead plaintiff process are being directed to firms such as Kessler Topaz Meltzer & Check, LLP, though participation in the class action does not require serving as a lead representative.