Kessler Topaz Meltzer & Check, LLP is currently investigating potential violations of the federal securities laws on behalf of purchasers of PayPal Holdings, Inc. (NASDAQ: PYPL) (“PayPal”) securities between February 5, 2021 and July 28, 2021.
PayPal investors may receive additional information about the investigation by clicking the link "Submit Your Information" above.
PayPal is a leading technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants worldwide.
On July 29, 2021, PayPal filed a quarterly report on a Form 10-Q reporting PayPal’s financial and operating results for the second quarter of 2021. In its quarterly report, PayPal disclosed investigations by the U.S. Securities and Exchange Commission (“SEC”) and the Consumer Financial Protection Bureau (“CFPB”). Specifically, PayPal 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.”
Further, PayPal disclosed that the company “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 [c]ompany’s branded card program.”
Following this news, PayPal’s stock price fell $18.81 per share, or 6.23%, to close at $283.17 per share on July 29, 2021.
If you have any questions or would like to discuss this investigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com.