LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the February 27, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) of investors who purchased PayPal Holdings, Inc. (“PayPal” or the “Company”). PayPal investors have until February 27, 2017 to file a lead plaintiff motion.
On April 28, 2016, post-market, PayPal announced that it had received a civil investigative demand on March 28, 2016 from the Federal Trade Commission as part of an investigation to determine whether the Company, through its Venmo service, has engaged in deceptive or unfair practices in violation of the Federal Trade Commission Act.
On this news, PayPal stock fell $0.89 per share to close at $39.18 on April 29, 2016, thereby injuring investors.
The Complaint filed in this class action alleges that during the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about its business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: 1) PayPal's Venmo service was allegedly participating in unfair trade practices; 2) the announcement of the above allegations was likely to affect PayPal's profit on its Venmo service and/or 3) PayPal's public statements were materially false and misleading at all relevant times.
If you purchased or otherwise acquired eBay securities on the open market on or after December 19, 2013 (the “eBay Class Period”) and subsequently received PayPal securities pursuant to eBay’s spin-off of PayPal, effective as of July 17, 2015; and/or purchased or otherwise acquired PayPal securities on the open market between July 20, 2015 and April 28, 2016, inclusive (the “PayPal Class Period” and, together with the eBay Class Period, the “Class Period”) you may move the Court no later than February 27, 2017 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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