| COMPANY |
PayPal Holdings, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
21-cv-06468 |
| JUDGE |
The Honorable Charles R. Breyer |
| CLASS PERIOD |
February 9, 2017 - July 28, 2021 |
| SECURITY TYPE |
All Securities |
Case Background:
Throughout the Class Period, defendants continued to assert the effectiveness of PayPal’s disclosure controls and procedures; purported to advise investors on PayPal’s regulatory obligations, attendant risks, and “compliant solutions” to addressing those risks; repeatedly asserted that it was remediating issues with its PayPal Credit business practices in accordance with the Consent Order; and downplayed regulations and related issues regarding PayPal’s interchange rates.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) PayPal had deficient disclosure controls and procedures; (2) as a result, PayPal’s business practices with respect to PayPal Credit remained non-compliant; (3) PayPal’s practices regarding payment of interchange rates related to its debit cards were likewise non-compliant with applicable laws and/or regulations; (4) accordingly, PayPal’s revenues derived from its PayPal Credit and debit card practices were in part the subject of improper conduct and thus unsustainable; (5) all the foregoing subjected PayPal to an increased risk of regulatory investigation and enforcement; and (6) as a result, PayPal’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
On April 27, 2023, the Court issued an Order granting Defendants’ Motion to Dismiss. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.