TAKE A LOOK AT WHICH REPORT YOUR PORTFOLIO'S BEEN MISSING...

Shareholders Foundation offers real-time reporting of class action exposure on a per transaction basis,
including the documents you will need for claim filing and settlement recovery.
Start Monitoring Your Investments

Paypal Holdings Inc (NASDAQ: PYPL) Investor Securities Class Action Lawsuit 12/06/2017

  • If you purchased shares of Paypal Holdings Inc (NASDAQ: PYPL), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Paypal Holdings Inc
Security
NASDAQ: PYPL

Case Name
Paypal Holdings Shareholder Class Action Lawsuit 12/06/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

Class Period Begin
Class Period End
Deadline To File for Lead
You must register or login to receive notifications.

Click here to subscribe to Paypal Holdings Inc.
Summary

October 1, 2019 - The case was dismissed.

September 23, 2019 - A notice appealing the dismissal was filed.

September 18, 2019 - The court granted the defendants' motion to dismiss.

March 15, 2019 - A motion to dismiss the second amended complaint was filed.

January 14, 2019 - A second amended complaint was filed.

December 13, 2018 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

July 13, 2018 - A motion to dismiss the amended complaint was filed.

June 13, 2018 - An amended complaint was filed.

December 6, 2017 - An investor in shares of Paypal Holdings Inc (NASDAQ: PYPL) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Paypal Holdings Inc in connection with certain allegedly false and misleading statements made between February 14, 2017 and December 1, 2017.

San Jose, CA based Paypal Holdings Inc is a technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants. On February 14, 2017, Paypal Holdings Inc announced an agreement to purchase TIO Networks Corp. for $233 million. TIO Networks Corp is a bill-pay management company that processed roughly $7 billion in bill payments on behalf of 14 million customers in 2016. On July 18, 2017, Paypal Holdings Inc announced the completion of the acquisition of TIO Networks Corp.

According to the complaint the plaintiff alleges on behalf of purchasers of Paypal Holdings Inc (NASDAQ: PYPL) common shares between February 14, 2017 and December 1, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 14, 2017 and December 1, 2017, the defendants made false and/or misleading statements and/or failed to disclose that TIO Networks Corp’s data security program was inadequate to safeguard the personally identifiable information of its users, that the foregoing vulnerabilities threatened continued operation of TIO Networks Corp.’s platform, that PayPal’s revenues derived from its TIO Networks Corp. services were thus unsustainable, that consequently, PayPal had overstated the benefits of the Acquisition of TIO Networks Corp., and that as a result, Paypal Holdings Inc’s public statements were materially false and misleading at all relevant times.

On December 1, 2017, after the market closed, Paypal Holdings Inc (NASDAQ: PYPL) disclosed that personally identifiable information for approximately 1.6 million customers of TIO Networks, a payment processor PayPal Holdings Inc acquired in July 2017, had potentially been compromised as a result of previously announced security vulnerabilities.