Cases
PayPal Holdings, Inc. (NASDAQ: PYPL)
Securities Class Action
Overview
Overview
- Date:
- 12/7/2017
- Company Name:
- PayPal Holdings, Inc.
- Stock Symbol:
- PYPL
- Class Period:
- FROM 2/14/2017 TO 12/1/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Northern California
NEW YORK, December 7, 2017 – Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired PayPal Holdings, Inc. (NASDAQ: PYPL) securities between February 14, 2017 and December 1, 2017 (the “Class Period”). Investors have until February 5, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
PayPal operates as a technology platform company that provides online payment systems through a variety of services on behalf of consumers and merchants. On February 14, 2017, PayPal announced an agreement to purchase TIO Networks Corp. (“TIO”) for $233 million (the “TIO Acquisition”). TIO is a bill-pay management company that processed roughly $7 billion in bill payments on behalf of 14 million customers in 2016. On July 18, 2017, PayPal announced the completion of the TIO Acquisition.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) TIO’s data security program was inadequate to safeguard the personally identifiable information of its users; (ii) the foregoing vulnerabilities threatened continued operation of TIO’s platform; (iii) PayPal’s revenues derived from its TIO services were thus unsustainable; (iv) consequently, PayPal had overstated the benefits of the TIO Acquisition; and (v) as a result, PayPal’s public statements were materially false and misleading at all relevant times.
On November 10, 2017, PayPal suspended its TIO services, pending a security review, stating that it had discovered security vulnerabilities on the TIO platform and that the TIO data security program did not meet PayPal’s standards.
On December 1, 2017, post-market, PayPal disclosed that personally identifiable information—including names, addresses, bank-account details, and Social Security numbers—for roughly 1.6 million TIO users had potentially been compromised as a result of the previously announced security vulnerabilities.
On this news, PayPal’s share price fell $4.33, or 5.75%, to close at $70.97 on December 4, 2017, the following trading day.
If you purchased or otherwise acquired PayPal securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
PayPal operates as a technology platform company that provides online payment systems through a variety of services on behalf of consumers and merchants. On February 14, 2017, PayPal announced an agreement to purchase TIO Networks Corp. (“TIO”) for $233 million (the “TIO Acquisition”). TIO is a bill-pay management company that processed roughly $7 billion in bill payments on behalf of 14 million customers in 2016. On July 18, 2017, PayPal announced the completion of the TIO Acquisition.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) TIO’s data security program was inadequate to safeguard the personally identifiable information of its users; (ii) the foregoing vulnerabilities threatened continued operation of TIO’s platform; (iii) PayPal’s revenues derived from its TIO services were thus unsustainable; (iv) consequently, PayPal had overstated the benefits of the TIO Acquisition; and (v) as a result, PayPal’s public statements were materially false and misleading at all relevant times.
On November 10, 2017, PayPal suspended its TIO services, pending a security review, stating that it had discovered security vulnerabilities on the TIO platform and that the TIO data security program did not meet PayPal’s standards.
On December 1, 2017, post-market, PayPal disclosed that personally identifiable information—including names, addresses, bank-account details, and Social Security numbers—for roughly 1.6 million TIO users had potentially been compromised as a result of the previously announced security vulnerabilities.
On this news, PayPal’s share price fell $4.33, or 5.75%, to close at $70.97 on December 4, 2017, the following trading day.
If you purchased or otherwise acquired PayPal securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.