NEW YORK, Nov. 21, 2023 (GLOBE NEWSWIRE) -- 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 newaction@pomlaw.com 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.
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On November 2, 2023, PayPal disclosed in a Quarterly Report filed with the United States Securities and Exchange Commission (“SEC”) that, on November 1, 2023, the Company had received a subpoena from the SEC’s Division of Enforcement relating to PayPal’s USD stablecoin, a cryptocurrency purportedly backed by secure and highly liquid assets. PayPal stated that the subpoena requested the production of documents and that the Company was cooperating with the SEC in connection with the request.
On this news, PayPal’s stock price fell sharply during intraday trading on November 2, 2023, damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
