PayPal Holdings, Inc.

KANG v. PayPal Holdings, Inc et al (Case No. 21-cv-06468-CRB), N.D. Cal.

On July 29, 2021, PayPal filed a quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission ("SEC"), for the second quarter of 2021 in which the Company disclosed investigations by both the SEC and the Consumer Financial Protection Bureau ("CFPB"). PayPal “has 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 Company's branded card program." PayPal also 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."

On this news, PayPal's stock price fell $18.81 per share, or 6.23%, to close at $283.17per share on July 29, 2021.

Lead Plaintiff deadline
October 19, 2021
class period
February 9, 2017
July 28, 2021
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