The legal complaint alleges that PicS failed to disclose critical deficiencies in its internal procedures identified in late 2025. According to the filing, the company reclassified approximately R$590 million in exposures from Stage 2 to Stage 3, triggering an incremental expected credit loss charge of R$88 million for the final quarter of 2025. Plaintiffs contend that these internal shifts were omitted from the offering documents, which allegedly overstated the efficacy of the firm's credit models and user data.

Further, the suit claims that PicS experienced a Stage 3 formation rate exceeding 7% in late 2025, a figure that diverged significantly from historical trends presented to investors. The complaint asserts that the company entered riskier business lines prior to the IPO, leading to undisclosed defaults and credit deterioration. Because these operational trends were reportedly known internally to be worsening, the lawsuit argues that the company’s public statements regarding its business health lacked a reasonable basis. Investors seeking to participate in the litigation or obtain further information may contact attorney Charles Linehan at Glancy Prongay Wolke & Rotter LLP.