LAWSUIT FILED: PAYPAL HOLDINGS Sued for Securities Law Violations; Investors Should Contact ...
BOSTON, Aug. 24, 2021 (GLOBE NEWSWIRE) -- Block & Leviton announces that a class action lawsuit has been filed against PayPal Holdings, Inc. (NASDAQ: PYPL) for potential securities law violations. Investors who purchased shares and have lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/pypl.
What is this all about?
On July 29, 2021, PayPal filed a quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission (“SEC”), for the second quarter of 2021 in which the Company disclosed investigations by both the SEC and the Consumer Financial Protection Bureau (“CFPB”). PayPal “has responded to subpoenas and requests for information received from the [SEC] relating to whether the interchange rates paid to the bank that issues debit 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.” PayPal also disclosed receipt of Civil Investigative Demands from the CFPB “related to Venmo’s unauthorized funds transfers and collections processes, and related matters” and “to the marketing and use of PayPal Credit in connection with certain merchants that provide educational services.”
On this news, PayPal’s stock price fell $18.81 per share, or 6.23%, to close at $283.17per share on July 29, 2021.
Who is eligible?
Anyone who purchased PayPal stock between February 9, 2017 and July 28, 2021 is potentially eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is October 19, 2021. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation’s top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email firstname.lastname@example.org with any questions.
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