PayPal Holdings, Inc. – PYPL Securities Fraud Class Action

Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired PayPal Holdings, Inc. (“PayPal”) (NASDAQ: PYPL) securities between February 9, 2017 and July 28, 2021, inclusive (the “Class Period”).

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 granted Defendants’ Motion to Dismiss. This action has concluded.

If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at [email protected]. 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.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs’ Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.