ClaimsFiler, a FREE shareholder information service, reminds investors that they have until December 5, 2022 to file lead plaintiff applications in a securities class action lawsuit against PayPal Holdings, Inc. (NasdaqGS: PYPL), if they purchased the Company’s shares between February 3, 2021 and February 1, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of New Jersey.
PayPal investors should visit us at https://claimsfiler.com/cases/nasdaq-pypl-3/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
PayPal and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 1, 2022, the Company disclosed that its net new active accounts figure (“NNAs”) was only 49 million for 2021, less than the guidance of 50 million it initially provided in February 2021 and lower than the raised guidance it reiterated just months prior, that it had identified 4.5 million accounts believed to have been illegitimately created, and that, as a result, it would change focus to increasing active user engagement rather than cash account opening incentives, which would reduce its ability to maintain growth in its NNAs.
On this news, shares of PayPal plummeted $43.23 per share, or approximately 25%, from a close of $175.80 per share on February 1, 2022 to close at $132.57 per share on February 2, 2022.
The case is Defined Benefit Plan of the Mid-Jersey Trucking Industry and Teamsters Local 701 Pension and Annuity Fund v. PayPal Holdings, Inc., et al., Case No. 22-cv-05864.
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.
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