SAN DIEGO, Oct. 05, 2022 (GLOBE NEWSWIRE) — Law Firm for Shareholder Rights Johnson Fistula, LLP announces that a class action lawsuit has been filed on behalf of investors by PayPal Holdings, Inc. PYPL (“PayPal” or the “Company”). The class action is serving on behalf of shareholders who purchased or otherwise acquired PayPal stock between February 3, 2021 and February 1, 2022, both dates inclusive (the “Class Period”). Investors are hereby notified that they have until December 5, 2022 to request the court to appear as lead plaintiff in this lawsuit.
What actions can I take at this time? If you have suffered a loss and would like to learn more about whether you are a Lead Plaintiff, please contact Jim Baker ([email protected]) via email or phone at 619-814-4471. When emailing, please include your phone number.
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PayPal’s class action lawsuit alleges that throughout the class action period, PayPal touted the growth of its new net active accounts (“NNAs”) and directed investors to evaluate the high growth of this metric as one of the most important indicators of PayPal’s performance. But as alleged in the PayPal class action lawsuit, PayPal failed to disclose that many of the additional users gained through its cash account creation incentive campaigns were illusory, as these incentive campaigns were easily susceptible to fraud. In particular, PayPal has not disclosed that its cash incentive campaigns have significantly increased PayPal’s vulnerability to bot farms that were able to systematically exploit PayPal’s $10.00 account opening by stealing millions of illegitimate created accounts, which ultimately generated no future revenue for PayPal. Additionally, the PayPal class action lawsuit alleges that investors didn’t know how long PayPal would keep inactive customers…
Read full story here https://www.benzinga.com/pressreleases/22/10/g29153132/paypal-class-action-complaint-filed-johnson-fistel-encourages-shareholders-to-contact-the-firm