NEW YORK, Oct. 22, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of PayPal Holdings, Inc. ("PayPal" or the "Company") 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 February 1, 2022, PayPal reported disappointing fourth quarter and full year 2021 results.  Specifically, PayPal reported that its Net New Active Accounts were only 49 million for 2021, less than the guidance of 50 million it initially provided in February 2021.  The Company admitted that "in connection with the increased use of cash incentive campaigns throughout 2021, [it] identified 4.5 million accounts that "it" believes(s) were illegitimately created," and that as a result the Company changed course on some of its customer acquisition strategies including incentive-led campaigns in the fourth quarter.  Further, because the Company was evolving its customer acquisition and engagement strategy, PayPal now expects only 15-20 million net new customer accounts for 2022 and that the Company "no longer believe(s) that the 750 million medium-term account aspiration [it] set last year, is appropriate." 

On this news, PayPal's stock price fell $43.23 per share, or 24.59%, to close at $132.57 per share on February 2, 2022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, 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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

CONTACT:

Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980