SAN DIEGO, Dec. 08, 2022 (GLOBE NEWSWIRE) --
PayPal Holdings, Inc. (NASDAQ: PYPL)
Johnson Fistel, LLP is investigating potential claims on behalf of PayPal Holdings, Inc. (NASDAQ: PYPL) (“PayPal” or the “Company”) against certain of its officers and directors.
If you are a current, long-term shareholder of PayPal holding shares before February 3, 2021, you can click or copy and paste the link below in a browser to join this action:
https://www.johnsonfistel.com/investigations/paypal-holdings-inc-pypl
Recently a class action complaint was filed against PayPal. The class action lawsuit alleges that PayPal throughout the Class Period touted the growth in its Net New Active Accounts (“NNAs”) and instructed investors to value the high growth in this metric as one of the most important indicators of how PayPal was performing. But as the PayPal class action lawsuit alleges, while touting its NNA growth, PayPal failed to disclose that many of the additional users acquired through its cash account creation incentive campaigns were illusory because those incentive campaigns were easily susceptible to fraud. Specifically, PayPal failed to disclose that its cash incentive campaigns significantly increased PayPal’s susceptibility to bot farms that were able to systematically take advantage of PayPal’s $10.00 account opening by creating millions of illegitimate accounts, which ultimately generated no future revenue for PayPal. In addition, the PayPal class action lawsuit alleges that investors were unaware of the lengths PayPal was going to keep inactive customers and fake bot accounts on the platform to prevent churn and inflate its NNA guidance which would have provided a more realistic view of the true demand for PayPal’s platform.
Fulgent Genetics, Inc. (NASDAQ: FLGT)
Johnson Fistel, LLP is investigating potential claims on behalf of Fulgent Genetics, Inc. ("Fulgent" or the "Company") (NASDAQ: FLGT) against certain of its officers and directors.
If you have continuously owned Fulgent shares since March 22, 2019, you can click or copy and paste the link below in a browser to join this action:
https://www.johnsonfistel.com/investigations/fulgent-genetics-inc-flgt
Recently a class action complaint was filed against Fulgent. The complaint alleges that the defendants made false statements and/or concealed that: (i) Fulgent had been conducting medically unnecessary laboratory testing, engaging in improper billing practices in relation to laboratory testing, and providing or receiving remuneration in violation of the Anti-Kickback Statute and Stark Law; (ii) accordingly, Fulgent was likely to become subject to enhanced legal and regulatory scrutiny; (iii) Fulgent's revenues, to the extent they were derived from the foregoing unlawful conduct, were unsustainable; (iv) the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
Olo Inc. (NYSE: OLO)
Johnson Fistel, LLP is investigating potential claims on behalf of Olo Inc. (“Olo” or the “Company”) (NYSE: OLO) against certain of its officers and directors.
If you have continuously owned Olo shares before August 11, 2021, you can click or copy and paste the link below in a browser to join this action:
https://www.johnsonfistel.com/investigations/olo-class-action
Recently a class action complaint was filed against Olo. Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (1) Subway was ending its contract with Olo; and (2) Olo’s key business metric – active locations – could not continue to grow as Defendants touted due to the loss of Subway’s business.
Kohl’s Corporation (NYSE: KSS)
Johnson Fistel, LLP is investigating potential claims on behalf of Kohl’s Corporation (“Kohl’s” or the “Company”) (NYSE: KSS) against certain of its officers and directors.
If you have continuously owned Kohl’s shares before October 20, 2020, you can click or copy and paste the link below in a browser to join this action:
https://www.johnsonfistel.com/investigations/kohls-corporation
Recently a class action complaint was filed against Kohl’s. Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose, inter alia, that: (i) Kohl’s Strategic Plan was not well tailored to achieving the Company’s stated goals; (ii) Defendants overstated the Company’s success in executing its Strategic Plan; and (iii) Kohl’s had deficient disclosure controls and procedures, internal control over financial reporting, and corporate governance mechanisms.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, Lead Securities Analyst
Telephone: (619) 814-4471
Email: jimb@johnsonfistel.com
