IMPORTANT INVESTOR ALERT: Goldberg Law PC Announces Securities Class Action Lawsuit against PayPal Holdings, Inc., eBay Inc.,...
January 11 2017 - 9:00AM
Business Wire
Goldberg 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 info@goldberglawpc.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 mobile phones.
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.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170111005586/en/
Goldberg Law PC, Los AngelesMichael Goldberg, Esq.,
800-977-7401Brian Schall, Esq.,
800-977-7401info@goldberglawpc.comhttp://www.Goldberglawpc.com
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