Today's Date: January 29, 2023
BLACK HISTORY MONTH STAMP HONOURS CHLOE COOLEY   •   Trusted reusable nappy retailer commits to nationwide incentive scheme and eco education for first-time parents   •   CORRECTING and REPLACING Vibrant Emotional Health Names Dr. Tia Dole as New Chief 988 Suicide & Crisis Lifeline Officer   •   Black CannaBusiness CEO Intensive and Multi-State Cannabis Company Parallel Launch 2023 National Education Series in Pittsburgh   •   The International Fellowship of Christians and Jews Celebrating 40th Anniversary in 2023   •   Dollar General Announces 19,000th Store Opening   •   University of Phoenix College of Doctoral Studies Releases Whitepaper on Role of Demographics in Career Optimism   •   ZILLOW GROUP INVESTIGATION INITIATED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates the Officers   •   AARP The Magazine Celebrates the 21st Annual Movies for Grownups® Awards   •   CLEANSPARK INVESTIGATION INITIATED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates the Officers an   •   Susan G. Komen® Applauds House Introduction of Bipartisan Metastatic Breast Cancer Access to Care Act   •   Statement by the Prime Minister on the National Day of Remembrance of the Quebec City Mosque Attack and Action against Islamopho   •   PALANTIR TECHNOLOGIES INVESTIGATION INITIATED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates the   •   Philip Morris International Inc. (PMI) Announces Agreement to Extend and Deepen Collaboration With KT&G   •   Catholics for Choice on the Murder of Tyre Nichols: Black Lives Matter is a Pro-Life Issue   •   Dame Shellie Hunt Founder of the Women of Global Change Honored with Humanitarian Doctorate in London   •   CREDITORS COMMITTEE FILES REORGANIZATION PLAN FOR DIOCESE OF ROCKVILLE CENTRE; DIOCESE OF ROCKVILLE CENTRE FILES REORGANIZATION   •   GINKGO BIOWORKS ALERT: Bragar Eagel & Squire, P.C. is Investigating Ginkgo Bioworks Holdings, Inc. on Behalf of Long-Term St   •   "Extra-Strength" Formulation of Jeuveau® Demonstrates Effects Lasting 26 Weeks in Interim Phase II Data Results, Representin   •   University of Phoenix Vice Provost Doris Savron Featured Guest Speaker for Greater Phoenix Chamber Mentor Program
Bookmark and Share

PAYPAL HOLDINGS, INC. DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors that a Class Action Lawsuit Has Been Fil

NEW YORK , December 03 /Businesswire/ - Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against PayPal Holdings, Inc. (“PayPal” or the “Company”) (NASDAQ: PYPL) in the United States District Court for the District of New Jersey on behalf of all persons and entities who purchased or otherwise acquired PayPal securities between February 3, 2021 and February 1, 2022, both dates inclusive (the “Class Period”). Investors have until December 5, 2022, to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

The PayPal class action lawsuit alleges that PayPal throughout the Class Period touted the growth in its Net New Active Accounts (“NNAs”) and instructed investors to value the high growth in this metric as one of the most important indicators of how PayPal was performing.

But as the PayPal class action lawsuit alleges, while touting its NNA growth, PayPal failed to disclose that many of the additional users acquired through its cash account creation incentive campaigns were illusory because those incentive campaigns were easily susceptible to fraud. Specifically, PayPal failed to disclose that its cash incentive campaigns significantly increased PayPal’s susceptibility to bot farms that were able to systematically take advantage of PayPal’s $10.00 account opening by creating millions of illegitimate accounts, which ultimately generated no future revenue for PayPal. In addition, the PayPal class action lawsuit alleges that investors were unaware of the lengths PayPal was going to keep inactive customers and fake bot accounts on the platform to prevent churn and inflate its NNA guidance which would have provided a more realistic view of the true demand for PayPal’s platform.

On February 1, 2022, PayPal revealed that its NNAs were only 49 million for 2021, less than the guidance of 50 million it initially provided in February 2021. In doing so, PayPal admitted that “in connection with the increased use of [cash] incentive campaigns throughout 2021, [PayPal] identified 4.5 million accounts that [PayPal] believe[s] were illegitimately created,” and that as a result PayPal changed course on some of its customer acquisition strategies including incentive-led campaigns in the fourth quarter. Further, because PayPal was evolving its customer acquisition and engagement strategy, PayPal now expected only 15-20 million net new customer accounts for 2022 and that PayPal “no longer believe[s] that the 750 million medium-term account aspiration [PayPal] set last year is appropriate.”

On this news, PayPal’s stock price fell by approximately 25%, damaging investors.

If you purchased or otherwise acquired PayPal shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.


STORY TAGS: California, Class Action Lawsuit, Professional Services, Legal, United States, North America, Lawsuit,

Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News