PayPal Investor Sues Over Likely Breach That Tanked Stocks

Law360, Washington (December 6, 2017, 9:30 PM EST) -- A PayPal shareholder hit the company with a proposed investor class action Wednesday in California federal court accusing the company of hiding the potential for a data breach at a payment processor subsidiary that was disclosed last week and sparked a “precipitous” stock drop.

Ronald Sgarlata wants to represent all PayPal shareholders who bought stock between Feb. 14, when the company announced its planned $233 million purchase of TIO Networks Corp., and Dec. 1, when PayPal disclosed a possible data breach at TIO potentially compromising the...
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