Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired securities of Paysafe Limited (“Paysafe” or the “Company”), f/k/a Foley Trasimene Acquisition Corp. II between December 7, 2020 and November 10, 2021, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934.
If you purchased or otherwise acquired Paysafe securities, and/or would like to discuss your legal rights and options, please visit Paysafe Limited Shareholder Class Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or email@example.com.
According to the complaint, Defendants failed to disclose that: (1) Paysafe was being negatively impacted by gambling regulations in key European markets; (2) Paysafe was encountering performance challenges in its Digital Wallet segment; and (3) new eCommerce customer agreements were being pushed back.
On March 30, 2021, Paysafe became a public entity via a business combination with FTAC.
On November 11, 2021, before the market opened, Paysafe announced that it was revising its revenue guidance for the full year 2021 downward from a range of $1.53 million to $1.55 million to a range of $1.47 to $1.48 million. Paysafe attributed the revision to “[g]ambling regulations and softness in key European markets and performance challenges impacting the Digital Wallet segment” and “[t]he modified scope and timing of new eCommerce customer agreements relative to the Company’s original expectations for these agreements.”
On this news, the Company’s share price fell $3.03 per share, or more than 40%, to close at $4.24 per share on November 11, 2021, on unusually heavy trading volume, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than February 8, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or otherwise acquired Paysafe securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/paysafelimited-psfe-shareholder-lawsuit-class-action-fraud-stock-466/ or contact Joe Seidman toll free at (877) 779-1414 or firstname.lastname@example.org.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
Bernstein Liebhard LLP