NEW ORLEANS, Oct. 11, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, is reminding investors they have until December 5, 2022 Lead Plaintiff’s Motions in a Securities Class Action Against PayPal Holdings, Inc. PYPL, if they purchased the Company’s Shares between February 3, 2021 and February 1, 2022 inclusive (the “Class Period”). This lawsuit is pending in the United States District Court for the District of New Jersey.
get help
PayPal investors should visit us at https://claimsfiler.com/cases/nasdaq-pypl-3/ or call toll free (844) 367-9658. Kahn Swick & Foti, LLC attorneys are available to discuss your legal options.
About the lawsuit
PayPal and certain of its executives are accused of failing to disclose material information during the class action period in violation of federal securities laws.
On February 1, 2022, the company announced that its net number of new active accounts (“NNAs”) for 2021 was just 49 million, down from the 50 million guidance it originally provided in February 2021 and lower than the raised guidance it provided Just months earlier, it reiterated that it had identified 4.5 million accounts believed to be illegitimately created and that it would therefore focus on driving active user engagement rather than incentivizing cash account openings, declining its ability to sustain its growth would decrease NNAs.
As a result of this news, PayPal’s shares fell $43.23 per share, or approximately 25%, from a closing price of $175.80 per share on February 1, 2022 to a closing price of $132.57 per share on February 2, 2022.
The case is Defined Benefit Plan of Mid-Jersey Trucking Industry and Teamsters Local 701 Pension and Annuity Fund v. PayPal Holdings, Inc., et al., Case #22-cv-05864.
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