Digital Transactions Authoritative, insightful and timely information for payments professionals
• The law firm Pomerantz LLP, which specializes in securities class actions, said it is “investigating claims on behalf of investors of PayPal Holdings Inc.” The firm says it is looking into whether PayPal executives or directors violated the Securities Exchange Act with respect to the timing of a disclosure of a civil investigative demand from the Federal Trade Commission. The demand, which PayPal said it received March 28 and which it disclosed after the market closed April 28, seeks documents concerning PayPal’s Venmo person-to-person payment service and “potential unfair trade practices,” Pomerantz said. On the news of the civil investigative demand, Pomerantz said PayPal’s share price slid 89 cents, closing at $39.18 on April 29. At least two other law firms, Lundin Law PC and Bronstein, Gewirtz & Grossman LLC, issued press releases Thursday announcing similar investigations. PayPal was trading at $39.76 as of mid-morning Friday.
• CashStar Inc. announced it now provides digital gift card services to OpenSky, an online marketplace that serves more than 70,000 merchants.
• Ticketing-platform provider AXS said the LA Clippers NBA team has adopted its Flash Seats online-bidding technology for its new “Seat Bid” service, which lets fans place bids for premium tickets. The technology handles payments and issues digital tickets.
• Developers behind a cryptocurrency called CloakCoin, founded in 2014, said they will soon release updated Windows, Linux, and Mac wallets.
• Processor First Data Corp. announced a new parental leave policy for full- and part-time employees, mothers or fathers, that includes 12 weeks of paid leave for primary caregivers and two weeks of paid leave for secondary caregivers, for the birth, adoption, or foster-care placement of an employee’s child.
