NEW YORK, Aug. 11, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of (PayPal Holdings, Inc. ("PayPal" or the "Company") (NASDAQ: PYPL). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether PayPal and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 29, 2021, PayPal filed a quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission ("SEC"), reporting the Company's financial and operating results for the second quarter of 2021. In its quarterly report, PayPal disclosed investigations by the SEC and the Consumer Financial Protection Bureau ("CFPB"). Specifically, PayPal disclosed receipt of Civil Investigative Demands from the CFPB "related to Venmo's unauthorized funds transfers and collections processes, and related matters" and "to the marketing and use of PayPal Credit in connection with certain merchants that provide educational services"; and that the Company has "responded to subpoenas and requests for information received from the [SEC] relating to whether the interchange rates paid to the bank that issues debit cards bearing our licensed brands were consistent with Regulation II of the Board of Governors of the Federal Reserve System, and to the reporting of marketing fees earned from the Company's branded card program."
On this news, PayPal's stock price fell $18.81 per share, or 6.23%, to close at $283.17 per share on July 29, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.