PayPal Again Defeats Stock-Drop Suit Over Data Breach
Law360 (September 19, 2019, 11:01 AM EDT) -- PayPal Holdings Inc. escaped its investors’ stock-drop suit for good after a California federal judge found that while the payment processor made misleading statements about a data breach, there was no evidence that it did so on purpose.
U.S. District Judge Edward M. Chen on Wednesday permanently dismissed the proposed class action, which had accused the company of concealing the scale of a hack into the system of its 2017 acquisition, payment processor TIO Networks Corp.
A November 2017 press release downplayed the seriousness of the data breach, Judge Chen ruled, but the investors failed to show why PayPal had any...
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