SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in PayPal Holdings, Inc. of Class Action Lawsuit and Upcoming Deadline

New York, New York – (Newsfile Corp. – October 9, 2021) – Pomerantz LLP announces that a class action lawsuit has been filed against PayPal Holdings, Inc. (“PayPal” or the “Company”) (NASDAQ: PYPL) and some of his officers. The class action lawsuit filed in the United States District Court for the Northern District of California and filed on 21-cv-06468 is on behalf of a group consisting of all persons and entities other than the defendants who operate PayPal securities between February 9, 2017 and July 28, 2021, including both dates (the “Collection Period”), to compensate for damages caused by Defendants’ breaches of federal securities laws and to seek legal redress under Sections 10 (b) and 20 ( a) to pursue. of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 under it against the Company and some of its top officials.

If you are a shareholder who purchased or otherwise acquired PayPal securities during the class action period, you have until October 19, 2021 to petition the court to appoint you as the lead plaintiff for the class action. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this promotion, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW) toll free ext. 7980. Inquiries by email are encouraged to include their postal address, telephone number, and the number of shares purchased.

[Click here for information about joining the class action]

PayPal acts as a technology platform and digital payment company enabling digital and mobile payments on behalf of consumers and merchants worldwide. The company’s services include PayPal credit and certain debit card services, among others. PayPal Credit is an open (revolving) credit card account that provides a reusable credit line that is built into a consumer’s account with PayPal.

In 2015 PayPal settled regulatory claims with the Consumer Financial Protection Bureau (“CFPB”) arising from certain of its business practices related to PayPal loans between 2011 and 2015. Following this incident, the company repeatedly alleged that it had problems with its PayPal lending practices in line with its 2015 settlement with the CFPB.

The story goes on

The lawsuit alleges that during the class action period, defendants made essentially false and misleading statements about the company’s business, operational and compliance policies. In particular, Defendants have made false and / or misleading statements and / or failed to disclose that: (i) PayPal had inadequate disclosure controls and procedures; (ii) as a result, PayPal’s business practices with respect to PayPal Funds continued to be in compliance with applicable laws and / or regulations; (iii) PayPal’s practices in relation to the payment of interbank rates in relation to its debit cards were also inconsistent with applicable laws and / or regulations; (iv) accordingly, PayPal’s revenues from its PayPal credit and debit card practices have been in some cases inadequate and thus unsustainable; (v) all of these have placed the Company at increased risk of regulatory investigations and enforcement; and (vi) as a result, the Company’s public statements at all relevant times have been materially false and misleading.

On July 29, 2021, PayPal filed a quarterly report on Form 10-Q with the US Securities and Exchange Commission, disclosing the company’s financial and operating results for the second quarter of 2021 investigations by the SEC and the CFPB. In particular, PayPal announced that it had received a request for an investigation from the CFPB in connection with the “marketing and use of PayPal credits in connection with certain merchants offering educational services”; and that the company “has responded to subpoenas and requests for information made by the [SEC] in relation to whether the interbank rates paid to the bank that issues debit cards with our licensed brands were in compliance with Regulation II of the Board of Governors of the Federal Reserve System; and in relation to the reporting of marketing fees received from the Company’s branded card program became.”

Following the news, PayPal’s share price fell $ 18.81 per share, or 6.23%, to close at $ 283.17 per share on July 29, 2021.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is one of the leading law firms in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as the Dean of the Class Action Chamber, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, breach of duty of loyalty and corporate misconduct. The company has collected numerous millions of dollars in damages on behalf of class members. See www.pomlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99182