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PAYPAL LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In PayPal Holdings, Inc. To Contact The Firm

/EIN News/ -- NEW YORK, Jan. 19, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in PayPal Holdings, Inc. (“PayPal” or the “Company”) (NASDAQ:PYPL) of the February 5, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in PayPal stock or options between February 14, 2017 and December 1, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/PYPL.There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn:  Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased PayPal common stock between February 14, 2017 and December 1, 2017 (the “Class Period”).  The case, Sgarlata v. PayPal, Holdings, Inc. et al, No. 3:17-cv-06956 was filed on December 6, 2017.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (1) TIO Networks Corporation (“TIO”), a bill-pay management company acquired by PayPal in July 2017 was unable to safeguard personal information of its users; (2) the vulnerabilities threatened operation of TIO’s platform; (3) Thus, PayPal’s revenues from its TIO services were unsustainable; (4) consequently, PayPal had overstated the benefits of the TIO acquisition; and (5) as a result, PayPal’s public statements were materially false and misleading at all relevant times.

Specifically, on November 10, 2017 PayPal suspended TIO services stating that it had discovered security vulnerabilities on the TIO platform. Then on December 1, 2017, PayPal disclosed that personal information including names, social security numbers, addresses, and bank account details for roughly 1.6 million TIO users had potentially been compromised because of the previously announced security vulnerabilities.

After the announcement, PayPal’s share price fell from $75.30 per share on December 1, 2017 to a closing price of $70.97 on December 4, 2017—a $4.33 or a 5.75% drop.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding PayPal’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

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