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Investors with losses are encouraged to contact the firm before October 19, 2021; click here to submit trade information
LOS ANGELES, Oct. 18, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of PayPal Holdings, Inc. (NASDAQ: PYPL) investors that acquired shares between February 9, 2017 and July 28, 2021. Investors have until October 19, 2021 to seek an active role in this litigation.
PayPal disclosed receipt of a Civil Investigative Demand from the Consumer Financial Protection Bureau on July 29, 2021, related “to the marketing and use of PayPal Credit in connection with certain merchants that provide educational services.” Further, PayPal revealed that it had “responded to subpoenas and requests for information received from the [Securities and Exchange Commission] relating to whether the interchange rates paid to the bank that issues debit cards bearing our licensed brands were consistent with Regulation II of the Board of Governors of the Federal Reserve System, and to the reporting of marketing fees earned from the Company's branded card program.”
Shares of PayPal plummeted $18.81 per share, or 6.23%, on this news, to close at $283.17 per share on July 29, 2021.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 19, 2021.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar