NEW YORK--(BUSINESS WIRE)--
Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of PayPal Holdings, Inc. (NASDAQ:PYPL) from February 14, 2017 through December 1, 2017, inclusive (the “Class Period”). The lawsuit seeks to recover damages for PayPal investors under the federal securities laws.
To join the PayPal class action, go to http://rosenlegal.com/cases-1251.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, defendants during the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) the data security program of TIO Networks Corp., which PayPal had acquired by July 2017, was inadequate to safeguard the personally identifiable information of its users; (2) the foregoing vulnerabilities threatened continued operation of TIO’s platform; (3) PayPal revenue derived from its TIO services were therefore unsustainable; (4) as a result, PayPal had overstated the benefits of the TIO acquisition; and (5) consequently, PayPal’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 5, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://rosenlegal.com/cases-1251.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors.
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