Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind 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.
What You May Do
If you purchased shares of PayPal and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-pypl/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by December 5, 2022.
About the Lawsuit
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.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
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Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
