The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased PayPal Holdings, Inc. (NASDAQ : PYPL) securities between February 14, 2017 and December 1, 2017.
According to the complaint, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) TIO's data security program was inadequate to safeguard the personally identifiable information of its users; (2) the vulnerabilities threatened continued operation of TIO's platform; (3) PayPal’s revenues derived from its TIO services were thus 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. On November 10, 2017, PayPal suspended its TIO services, pending a security review, stating that it had discovered security vulnerabilities on the TIO platform and that the TIO data security program did not meet PayPal’s standards. Then on December 1, 2017, PayPal disclosed that personal information for roughly 1.6 million TIO users had potentially been compromised as a result of the previously announced security vulnerabilities.
If you suffered a loss in PayPal Holdings, Inc. you have until February 5, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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