NEW YORK, Dec. 4, 2017 /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. 9980.
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 18, 2017, PayPal announced that the Company had completed its acquisition of TIO Networks ("TIO"), a multi-channel bill processor. On November 10, 2017, PayPal suspended its TIO services, pending a security review, stating that it had discovered security vulnerabilities on the TIO platform and that the TIO data security program did not meet PayPal's standards. On December 1, 2017, post-market, PayPal disclosed that personally identifiable information—including names, addresses, bank-account details, and Social Security numbers—for roughly 1.6 million TIO users had potentially been compromised as a result of the previously announced security vulnerabilities.
On this news, PayPal's share price fell $4.33, or 5.75%, to close at $70.97 on December 4, 2017, the following trading day.
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.
SOURCE Pomerantz LLP