SAN FRANCISCO (Legal Newsline) — A stockholder is suing a Paypal and its officers, alleging violation of federal law.
Sheck Kwai Cho filed a class action complaint, individually and on behalf of all others similarly situated, Dec. 28 in the U.S. District Court for the Northern District of California against Paypal Holdings Inc. of San Jose, California, Daniel H. Schulman, John D. Rainey, Patrick L.A. Dupuis, Ebay Inc., John J. Donahoe and Robert H. Swan, alleging they reported false information regarding the company's operation and policies.
According to the complaint, Cho suffered monetary damages from purchasing the defendant's securities at inflated prices. The plaintiff alleges the defendants issued false and misleading statements to the public in order to artificially inflate the company's securities prices.
Cho seeks trial by jury, damages and interest, court costs and all other relief the court grants. He is represented by attorneys Jennifer Pafiti of Pomerantz LLP in Beverly Hills, California; by Jeremy, A. Lieberman, J. Alexander Hood II and Marc Gorrie of Pomerantz LLP in New York; by Patrick V. Dahlstrom of Pomerantz LLP in Chicago; and by Peretz Bronstein of Bronstein, Gerwitz & Grossman LLC in New York.
U.S. District Court for the Northern District of California Case number 3:16-cv-07371-RS