DLocal Limited (NASDAQ: DLO) announced that the New York State Supreme Court Appellate Division unanimously affirmed the dismissal of a securities class action lawsuit against the company. The court upheld a lower court's decision to dismiss the complaint in its entirety.

The lawsuit, titled "In the Matter of DLocal Securities Litigation," alleged that the company's registration statement and prospectus contained misleading statements about trends in the company's take rate. The Appellate Division rejected these claims, stating that plaintiffs failed to identify a material trend given dLocal's growth in total payment volume, revenue, and gross profit.

The court found that all claims against dLocal and individual defendants lacked merit. The original case was dismissed by the Supreme Court of New York County before being appealed.

"We are pleased that the Appellate Division unanimously affirmed the complete dismissal of this case in a decision that recognizes the strength of the Company's disclosures," said Pedro Arnt, Chief Executive Officer of dLocal.

DLocal operates a cross-border financial infrastructure platform that connects global merchants to emerging markets across Africa, Asia, the Middle East, and Latin America. The company provides payment processing, payout services, and fund settlement through a single API platform.

The information is based on a company press release.