investment company Tiger Global Management LLC increased its stake in shares of dLocal, the first unicorn of Uruguay, up 132.1% in the third quarter, making payments platform its 27th largest position.
Not all is bad news for dLocal in these months of turmoil on the stock market: Tiger Global Management LLC, one of the largest technology investment firms, acquired 2,442,100 additional shares of the Uruguayan unicorn during the third quarter, according to the most recent release of the Securities and Exchange Commission.
According to the report, the US company ended the period with a total of 4,292,759 dLocal shares after increasing its 132.1% stake. With this operation, the Uruguayan fintech comprises approximately 0.8% of Tiger Global Management’s portfolio, occupying the 27th largest position.
From the opposite point of view, the investor owned 1.46% of the shares of dLocal at the end of the quarter, with a value of $88,087,000.
Other investors who bet on dLocal
Tiger Global Management was not the only company that invested in dLocal shares during 2022, increasing its participation in the payment platform that spans the globe but that took its first steps in Uruguay.
An example is that of Wasatch Advisors Inc.which increased its stake by 53% —1,415,016 shares— during the first quarter of last year, owning 4,086,240 shares valued at a total of $127,736,000.
Also Eventide Asset Management LLC He bought an additional 527,960 shares in the last quarter of the year (+15.5%), so he now owns 3,943,403 shares of the company valued at $80,919,000.
The third quarter was a positive one for dLocal: in addition to the significant acquisition of Tiger Global Management, it also Sands Capital Management LLC and Coronation Fund Managers Ltd. they bought shares. In the first case, the company bought 1,013,327 shares to reach a total of 3,832,512 titles —the participation increased by 35.9%— valued at $78,643,000; while in the other, the firm increased its stake by 29.8% after buying 488,174 additional shares to complete the total of 2,123,714 titles for $43,579,000.
In the second quarter, for its part, William Blair Investment Management LLC boosted its position in dLocal shares by 2.2% during the second quarter. He now owns 2,686,894 shares of the company valued at $70,531,000 after purchasing an additional 56,721 shares.
A new lawsuit against dLocal, what is it about?
A week ago, the renowned law firm of United States Bragar, Eagel and Squire PC filed a class action lawsuit against dLocal in the supreme court of that country and the shares of the Uruguayan unicorn registered a significant fall, although towards the end of the day they returned to the previous values.
The US firm called on all investors who have purchased securities of the company in its 2021 IPO to get in touch before May for more information on the claim, and accused dLocal of incorporating “misrepresentations of material facts.” ”and omit as many in their financial reports, in line with that first financial report Muddy Waters Capital that plummeted the shares of the Uruguayan company.
In June 2021, more than 33.8 million shares at $21 eachaccording to the document, which recalls that the registration statement “repeatedly promotes dLocal’s alleged ‘increasing and deepening relationships’ with new and existing global business customers,” and “tells potential investors that dLocal measures its success by its performance in terms of total payout volume.”
According to Bragar, Eagel and Squire PC, the company “provides historical POS data” to justify its narrative that it has a “solid track record”but those data were misrepresented and, in reality, were much less than those reported in the registration statement.
Source: Ambito
