NEW YORK, Aug. 23, 2021 /PRNewswire/ — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of PayPal Holdings, Inc. («PayPal » or the «Company») (NASDAQ: PYPL) from February 9, 2017 through July 28, 2021 (the «Class Period»). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased PayPal securities, and/or would like to discuss your legal rights and options please visit PayPal Shareholder Class Action Lawsuit or contact Rujul Patel toll free at (877) 779-1414 or firstname.lastname@example.org
The complaint alleges that, throughout the Class Period, Defendants made false and misleading statements and failed to disclose that: (i) PayPal had deficient disclosure controls and procedures; (ii) as a result, PayPal had deficient disclosure controls and procedures; (iii) PayPal’s practices regarding payment of interchange rates related to its debit cards were likewise non-complaint with applicable laws and/or regulations; (iv) accordingly, PayPal’s revenues derived from its PayPal Credit and debit card practices were in part the subject of improper conduct and thus unsustainable; (v) all the foregoing the Company to an increased risk of regulatory investigation and enforcement; and (v) as result, the Company’s public statements were materially false and misleading at all relevant times.
On July 29, 2021, PayPal filed a quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission («SEC»), reporting the Company’s financial and operating results for the second quarter of 2021. In its quarterly report, PayPal disclosed investigations by the SEC and the CFPB. PayPal disclosed its receipt of a Civil Investigative Demand from the CFPB related «to the marketing and use of PayPal Credit in connection with certain merchants that provide educational services;» and that the Company has «responded to subpoenas and requests for information received from the [SEC] relating to whether the interchange rates paid to bank that issues debits cards bearing our licensed brands were consistent with Regulation II of the Board of Governors of the Federal Reserve System, and to the reporting of marketing fees earned from the Company’s branded card program.»
On this news, PayPal’s stock price $18.81 per share, of 6.23%, to close at $283.17 per share on July 29, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than October 19, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased PayPal Holdings securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/paypalgroupholdings-pypl-shareholder-class-action-lawsuit-fraud-stock-432/apply/ or contact Rujul Patel toll free at (877) 779-1414 or email@example.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s «Plaintiffs’ Hot List» thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP