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SAN DIEGO, CA / ACCESSWIRE / December 19, 2021 / Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Paysafe Limited f/k/a Foley Trasimene Acquisition Corp. II (NYSE:PSFE; BFT) securities between December 7, 2020 and November 10, 2021, both dates inclusive (the “Class Period”) until February 8, 2022 to be appointed as lead claimant in wiley v. Paysafe Limited f/k/a Foley Trasimene Acquisition Corp. II, no. 21-cv-10611. Started in New York’s Southern District on December 10, 2021, the pay safe class action lawsuit accuses Paysafe and certain top executives of Foley Trasimene Acquisition Corp. II (“FTAC”) of Violations of the Securities Exchange Act of 1934.
If you wish to act as lead plaintiff of the pay safe class action lawsuit, enter your details by clicking here. You can also contact a lawyer JC Sanchez from Robbins Geller by calling 800/449-4900 or by email at: [email protected]. Chief Prosecutor’s Motions for the pay safe class action lawsuit must be filed in court by February 8, 2022.
CASE CONSIDERATIONS: FTAC was a special purpose acquisition company (“SPAC” or “blank check company”) formed for the purpose of effecting a merger, equity exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more companies. Paysafe offers digital commerce solutions and claims that its solutions go beyond the card-based payment functionality of traditional payment merchants by providing the advanced capabilities of digital wallets, alternative payment methods and digital currency transactions. On December 7, 2020, FTAC announced that it and Paysafe Group Holdings Limited have entered into a definitive agreement and merger plan, and that upon completion of the transaction, the new combined company will operate as Paysafe with its shares listed on the New York Stock Exchange under the symbol PSFE. Prior to the merger, FTAC’s common stock traded on the NYSE under the symbol BFT.
The pay safe class action lawsuit alleging that during the Class period, defendants made false and misleading statements and failed to disclose that: (i) Paysafe was adversely affected by gambling regulations in key European markets; (ii) Paysafe encountered performance challenges in its Digital Wallet segment; (iii) new e-commerce customer agreements were reduced; and (iv) as a result, Defendants’ positive statements about Paysafe’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.
On November 11, 2021, Paysafe announced it was lowering its full-year 2021 revenue forecast from a range of $1,530 – $1,550 to a range of $1,470 – $1,480. Paysafe attributed the review to “[g]changing regulations and softness in key European markets and performance challenges impacting the digital wallet segment” and “[t]he changed the scope and timing of new eCommerce customer deals from the company’s original expectations for these deals.” This news caused Paysafe’s stock price to drop more than 40%, hurting investors.
Robbins Geller Rudman & Dowd LLP has launched a special SPAC task force to protect investors in blank check companies and seek redress for corporate crimes. The SPAC Task Force, made up of experienced lawyers, investigators and forensic accountants, is committed to eradicating and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks for investors. Robbins Geller’s SPAC Task Force represents the forefront of ensuring integrity, fairness and fairness in this rapidly evolving investment arena.
THE PROCESS OF THE HEAD WANDER: The Private Securities Litigation Reform Act of 1995 allows any investor who has purchased Paysafe securities during the Class Period to be named a lead claimant in the pay safe class action lawsuit. A lead plaintiff is generally the person with the greatest financial interest in the relief sought by the alleged class, which is also typical and adequate for the alleged class. A lead plaintiff acts on behalf of all other class members in directing the pay safe class action lawsuit. The lead plaintiff may select a law firm of his choice to litigate against the pay safe class action lawsuit. An investor’s ability to participate in a possible future recovery of the pay safe class action lawsuit does not depend on acting as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller’s attorneys have secured many of the largest shareholder recoveries in history, including the largest-ever securities class-action recovery — $7.2 billion — in About Enron Corp. sec. litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other company from securities claimants. Please visit http://www.rgrdlaw.com For more information.
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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
JC Sanchez, 800-449-4900
[email protected]
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SOURCE: Robbins Geller Rudman & Dowd LLP
Check out the source version at accesswire.com:
https://www.accesswire.com/678439/PSFE-DEADLINE-Robbins-Geller-Rudman-Dowd-LLP-Announces-that-Paysafe-Limited-fka-Foley-Trasimene-Acquisition-Corp-II-BFT-Investors- with-Significant-Losses-Has-Opportunity-to-Lead-Case
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