Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in PayPal Holdings (NASDAQ:PYPL) in connection to alleged violations of securities laws by PYPL. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in PayPal Holdings from February 14, 2017 to December 1, 2017.
The class action complaint specifically alleges that during the period in question, PYPL might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that TIO’s data security platform was insufficiently prepared to protect PYPL’s users’ personally identifiable information; that PYPL revenues generated from its use of TIO’s products and services was consequently not sustainable; that the company had inflated the benefits of its acquisition of TIO, and that consequently the company’s statements to the public were false and misleading during the relevant period. The company suspended its use of TIO’s services on November 10, 2017, announcing that it had detected security risks in the platform and would conduct a security review; the following day, it announced that personally identifiable information for as many as 1.6 million users of TIO may have been compromised due to these security risks. The complaint alleges that when true details came to light, investors suffered losses.
According to the the company’s website, PayPal Holdings is a technology company “that enables digital and mobile payments on behalf of consumers and merchants worldwide.” It provides ways for businesses to accept payments from individuals as well as other businesses. It trades on the Nasdaq stock exchange under the symbol PYPL.
A class action lawsuit has already been filed in connection with PayPal Holdings. If you wish to serve as lead plaintiff in the PYPL lawsuit, you must move the Court no later than February 5, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.