Kang
Kang v. PayPal Holdings, Inc
Opinion
Trial Court Opinion
IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF CALIFORNIA 7 HUEI-TING KANG, et al., Case No. 21-cv-06468-CRB
Plaintiffs,
ORDER GRANTING MOTION TO
v.
DISMISS
PAYPAL HOLDINGS, INC, et al., Defendants.
Plaintiffs Huei-Ting Kang and Arthur Flores are suing PayPal Holdings, Inc. and four officers and employees (collectively, PayPal) for securities fraud under §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5. Seeking to represent a class of purchasers of PayPal common stock between April 27, 2016 and July 28, 2021 (the “Class Period”), Plaintiffs allege that PayPal made false or misleading statements pertaining to (1) its compliance with regulatory obligations as to its PayPal Credit product; (2) its compliance with regulations on debit card interchange fees; and (3) its response to letters about conduct by PayPal Credit merchants. PayPal moves to dismiss for failure to state a claim. The Court GRANTS the motion with leave to amend. I. BACKGROUND A. Parties …