The lawsuit claims that PicS N.V. failed to disclose significant deficiencies in its credit models identified in December 2025. According to the complaint, these flaws led to a reclassification of approximately R$590 million in exposures from Stage 2 to Stage 3, triggering an R$88 million incremental charge. Furthermore, the company allegedly hid a spike in Stage 3 loan formation rates that exceeded 7% during the final quarter of 2025.

Plaintiffs argue that the IPO documents presented a distorted view of the company’s risk management capabilities. The firm contends that PicS N.V. entered riskier business lines that resulted in rising default rates, trends that were known internally but omitted from public filings. Investors seeking to serve as lead plaintiff in the action must file a motion with the court by August 4, 2026. Participation in the litigation involves no out-of-pocket costs, as the case is being handled on a contingency fee basis.