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BENSALEM, Pa., August 05, 2021--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of PayPal Holdings, Inc. ("PayPal" or the "Company") (NASDAQ: PYPL) investors concerning the Company’s possible violations of the federal securities laws.
On July 29, 2021, PayPal filed a quarterly report for the second quarter of 2021, which disclosed investigations by the U.S. Securities and Exchange Commission ("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%, to close at $283.17 per share on July 29, 2021, thereby injuring investors.
If you purchased PayPal securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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