STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been filed against PayPal Holdings, Inc. (“PayPal” or the “Company”) (Nasdaq: PYPL), and PayPal’s former parent company, eBay, Inc. (“eBay”) (Nasdaq: EBAY), on behalf of a class consisting of all persons or entities who: (1) 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 (2) purchased or otherwise acquired PayPal securities on the open market between July 20, 2015 and April 28, 2016, both dates inclusive (the “PayPal Class Period” and, together with the eBay Class Period, the “Class Period”). Investors who wish to become proactively involved in the litigation have until February 27, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in PayPal and/or eBay securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that PayPal’s Venmo service was engaged in unfair trade practices, which were likely to subject the Company to increased regulatory scrutiny and/or affect the profitability of PayPal’s Venmo service.
According to the complaint, following an April 28, 2016 announcement that PayPal received a civil investigative demand on March 28, 2016 from the Federal Trade Commission seeking documents related to the Company’s Venmo peer-to-peer payment service in connection with potential unfair trade practices, the value of PayPal shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in PayPal and/or eBay securities purchased during the class period and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.