The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed against Paysafe Limited (“Paysafe”) (NYSE: PSFE) f/k/a Foley Trasimene Acquisition Corp. II (“FTAC”) (NYSE: BFT).
The action charges Paysafe with violations of the federal securities laws, including:
- omissions and
- fraudulent misrepresentations relating to the company’s business, operations, and prospects.
As a result of Paysafe’s conduct, Paysafe investors have suffered significant losses.
Paysafe, headquartered in the United Kingdom, provides digital commerce solutions to online businesses, merchants, and consumers through its Paysafe Network worldwide which, among other things, enable users to upload, store, withdraw, and pay funds and from virtual accounts.
Stockhouse reported that “on March 30, 2021, Paysafe became a public entity via business combination with FTAC. Then, on November 11, 2021, before the market opened, Paysafe announced that it was revising its revenue guidance for the full year 2021 downward. Paysafe attributed the revision to “[g]ambling regulations and softness in key European markets and performance challenges impacting the Digital Wallet segment” and “[t]he modified scope and timing of new eCommerce customer agreements relative to the Company’s original expectations for these agreements.”
On this news, the Paysafe’s share price fell $3.03 per share, or more than 40%, to close at $4.24 per share on November 11, 2021.
WHAT CAN I DO AS A PAYSAFE INVESTOR?
Paysafe investors must, no later than February 8, 2022, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member.
However, Kessler Topaz Meltzer & Check, LLP encourages Paysafe investors who have suffered significant losses to contact the firm directly to acquire more information.
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.
The lead plaintiff tends to be the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHEC
Kessler Topaz Meltzer & Check, LLP website illustrates that their firm “prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets.”
The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP.
This article was originally sourced by www.stockhouse.com.