The lawsuit alleges that PicS misled shareholders by omitting critical flaws in its credit evaluation procedures. According to the complaint, the company identified deficiencies in December 2025 that necessitated a reclassification of R$590 million in exposures from Stage 2 to Stage 3. This shift triggered an incremental R$88 million charge, a development that remained undisclosed in the IPO registration documents.

Beyond the accounting adjustments, the filing claims that PicS experienced a Stage 3 formation rate exceeding 7% during the final quarter of 2025, significantly diverging from the historical trends presented to investors. The litigation asserts that the company’s internal credit models were fundamentally overstated, failing to account for rising default risks as the firm expanded into volatile business lines. Shareholders interested in the case may contact the Law Offices of Howard G. Smith to discuss their legal standing before the upcoming August deadline.