IRVINE, CA / ACCESSWIRE / January 28, 2017 / Khang & Khang LLP (the “Firm”) announces the filing of a class action lawsuit against PayPal Holdings, Inc. (“PayPal” or the “Company”) (NASDAQ: PYPL), eBay Inc. (“eBay”) (NASDAQ: EBAY), and certain of its officers concerning possible violations of federal securities laws.
Investors who (1) purchased or otherwise acquired eBay securities on the open market on or after December 19, 2013 (“eBay Class Period”) and then received PayPal securities pursuant to eBay’s spin-off of PayPal, effective as of July 17, 2015; and/or (2) purchased or otherwise acquired PayPal securities on the open market between July 20, 2015 and April 28, 2016, both dates inclusive (the “PayPal Class Period” and, together with the eBay Class Period, the “Class Period”), are advised to contact the firm prior to the February 27, 2017 lead plaintiff deadline.
If you purchased shares of PayPal and/or eBay during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or via e-mail at joon@khanglaw.com.
There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
PayPal is a technology company that offers digital and mobile payment transactions between merchants and customers. Between 2002 and 2015, PayPal was a subsidiary of eBay. eBay is an e-commerce company that provides consumer-to-consumer and business-to-consumer purchases and payments.
Venmo is a mobile payment tool that allows users the opportunity to exchange payments from their bank accounts through their mobile phones.
The Complaint alleges that during the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about its business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: PayPal’s Venmo service was allegedly participating in unfair trade practices; the announcement of the above allegations was likely to affect PayPal’s profit on its Venmo service and/or thus, PayPal’s public statements were materially false and misleading at all relevant times. On April 28, 2016, PayPal Holdings Inc. revealed that federal regulators are investigating its Venmo service regarding possible unfair trade practices after receiving a civil investigative demand on March 28 from the Federal Trade Commission (the “FTC”) for Venmo documents. The FTC inquiry centers on whether PayPal, through Venmo, participated in unfair or deceptive trade practices. The investigation “may result in substantial costs, including legal fees, fines, penalties and remediation expenses and actions and require us to change aspects of the manner in which we operate Venmo.”
When this information was announced to the investing public, the value of PayPal stock dropped $0.89 per share and closed at $39.18 on April 29, 2016, causing investors serious harm.
If you wish to learn more about this lawsuit at no charge, or if you have questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or via e-mail at joon@khanglaw.com.
This press release may constitute Attorney Advertising in some jurisdictions.
Contacts
Joon M. Khang, Esq.
Telephone: 949-419-3834
Facsimile: 949-225-4474
joon@khanglaw.com
SOURCE: Khang & Khang LLP
ReleaseID: 453760
