The investigation centers on whether PicS misled shareholders during its January 30, 2026, IPO regarding the classification of its financial assets. Court filings allege that prior to going public, the firm identified significant deficiencies in its credit evaluation processes. These internal findings reportedly necessitated a reclassification of approximately R$590 million in exposures from Stage 2 to Stage 3, alongside an R$88 million incremental charge for expected credit losses.

Evidence suggests a sharp divergence between the company's IPO documentation and its performance metrics. Default rates for Stage 3 contracts surged from 3.8% in the third quarter of 2025 to over 7% by the end of the year. Subsequent disclosures in March and June 2026 confirmed this trend, with the latter report revealing a 13% spike in Stage 3 loans. Hagens Berman partner Reed Kathrein stated the firm is evaluating whether these adverse facts were negligently omitted from the offering documents, leaving investors unaware of the underlying credit deterioration.