NEW ORLEANS, Nov. 22, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a free shareholder information service, offers investors: December 5, 2022 Principal Plaintiff Application in a Securities Class Action Against PayPal Holdings, Inc. (NasdaqGS: PYPL) for Purchases of Company Stock Between February 3, 2021 and February 1, 2022 (the “Class Period”) to be submitted. This lawsuit is pending in the United States District Court for the District of New Jersey.
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PayPal investors should visit https://claimsfiler.com/cases/nasdaq-pypl-3/ or call toll-free at (844) 367-9658. An attorney at Kahn Swick & Foti, LLC can discuss your legal options.
About litigation
PayPal and some of its executives have been charged with failing to disclose material information during a class action lawsuit in violation of federal securities laws.
On February 1, 2022, the company announced that net new active accounts (“NNA”) for 2021 will be just 49 million, below the 50 million guidance it originally provided in February 2021, following a previously repeated increase. lower than the guidance provided. A few months ago, we identified 4.5 million accounts that were believed to be illegally created, and as a result, we have shifted our focus to increasing active user engagement rather than incentives to open cash accounts, resulting in , said it would reduce its ability to sustain account growth. NNA.
The news caused PayPal’s stock price to plummet from $175.80 per share on February 1, 2022 to $132.57 per share on February 2, 2022, by $43.23 per share, or about 25%. .
the case is Mid-Jersey Trucking Industry and Teamsters Local 701 Pension and Annuity Fund v. PayPal Holdings, Inc., et al. Defined Benefit Plan Incident number 22-cv-05864.
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