RADNOR, Pa., Aug. 04, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP is currently investigating potential violations of the federal securities laws on behalf of shareholders of PayPal Holdings, Inc. ( PYPL) (“PayPal”).
PayPal is a leading technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants worldwide.
On July 29, 2021, PayPal filed a quarterly report on a Form 10-Q reporting PayPal’s financial and operating results for the second quarter of 2021. In its quarterly report, PayPal disclosed investigations by the U.S. Securities and Exchange Commission (“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.” Further, PayPal disclosed that the company “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 [c]ompany’s branded card program.”
Following 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.
If you are a PayPal investor and would like to learn more about our investigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll free at (844) 887-9500; via e-mail at [email protected]; or please visit the following link to fill out our online form https://www.ktmc.com/paypal-holdings-inc-investigation?utm_source=PR&utm_medium=Link&utm_campaign=paypal
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500
[email protected]
