Law PC, a national shareholder rights litigation firm, announces the
filing of a class action lawsuit against PayPal Holdings, Inc. (“PayPal”
or the “Company”) (Nasdaq: PYPL), eBay Inc. (“eBay”) (Nasdaq: EBAY), and
certain of its officers concerning possible violations of federal
securities laws. Those who (1) purchased or otherwise acquired eBay
securities on the open market on or after December 19, 2013 (“eBay Class
Period”) and subsequently received PayPal securities pursuant to eBay’s
spin-off of PayPal, effective as of July 17, 2015; and/or (2) purchased
or otherwise acquired PayPal securities on the open market between July
20, 2015 and April 28, 2016, both dates inclusive (the “PayPal Class
Period” and, together with the eBay Class Period, the “Class Period”),
are encouraged to contact the firm prior to the February
27, 2017 lead plaintiff deadline.
If you are a shareholder who suffered a loss during the Class Period, we
encourage you to click
here or contact Michael Goldberg or Brian Schall, of Goldberg Law
PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at
800-977-7401, to discuss your rights free of charge. You can also reach
us through the firm’s website at http://www.Goldberglawpc.com,
or by email at email@example.com.
The class in this case has not yet been certified, and until
certification occurs, you are not represented by an attorney. If you
choose to take no action, you can remain an absent class member.
PayPal is a technology company that offers digital and mobile payment
transactions between merchants and customers. Between 2002 and 2015,
PayPal was a subsidiary of eBay. eBay is an e-commerce company providing
consumer-to-consumer and business-to-consumer purchases and payments
online. Venmo is a mobile payment service that allows users the
opportunity to exchange payments from their bank accounts through their
According to the Complaint, during the Class Period, Defendants made
materially false and/or misleading statements, as well as failed to
disclose material adverse facts about its business, operations, and
prospects. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: PayPal’s Venmo service was
allegedly participating in unfair trade practices; the announcement of
the above allegations was likely to affect PayPal’s profit on its Venmo
service and/or thus, PayPal’s public statements were materially false
and misleading at all relevant times.
On April 28, 2016, PayPal Holdings Inc. announced that federal
regulators are investigating its Venmo service regarding possible unfair
trade practices after receiving a civil investigative demand on March 28
from the Federal Trade Commission (the “FTC”) for Venmo documents. The
FTC demand focuses on whether PayPal, through Venmo, participated in
unfair or deceptive trade practices.
The investigation “may result in substantial costs, including legal
fees, fines, penalties and remediation expenses and actions and require
us to change aspects of the manner in which we operate Venmo.”
When this information was revealed to the public, the value of PayPal
stock dropped $0.89 per share and closed at $39.18 on April 29, 2016,
causing investors severe harm.
Goldberg Law PC represents shareholders around the world and specializes
in securities class actions and shareholder rights litigation.
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