NEW ORLEANS, Oct. 18, 2022 (GLOBE NEWSWIRE) — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Louisiana Attorney General Charles C. Foti, Jr., remind investors that they have until December 5, 2022 Lead Plaintiff’s Motions in a Securities Class Action Against PayPal Holdings, Inc. PYPLif they acquired the Company’s Shares between February 3, 2021 and February 1, 2022 inclusive (the “Class Period”). This lawsuit is pending in the United States District Court for the District of New Jersey.

What you can do

If you have purchased stock from PayPal and would like to discuss your legal rights and how this case may affect you and your right to compensation for your economic loss, you can contact KSF Managing Partner Lewis Kahn toll-free, without obligation and at no cost to you, at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-pypl/ to learn more. If you wish to be a lead plaintiff in this class action lawsuit, you must file a petition with the court December 5, 2022.

About the lawsuit

PayPal and certain of its executives are accused of failing to disclose material information during the class action period in violation of federal securities laws.

On February 1, 2022, the company announced that its net number of new active accounts (“NNAs”) for 2021 was just 49 million, down from the 50 million guidance it originally provided in February 2021 and lower than the raised guidance it provided Just months earlier, it reiterated that it had identified 4.5 million accounts believed to be illegitimately created and that it would therefore focus on driving active user engagement rather than incentivizing cash account openings, declining its ability to sustain its growth would decrease NNAs.

As a result of this news, PayPal’s shares fell $43.23 per share, or approximately 25%, from a closing price of $175.80 per share on February 1, 2022 to a closing price of $132.57 per share on February 2, 2022.

The case is Mid-Jersey Achievement Plan