Philadelphia, Pennsylvania--(Newsfile Corp. - January 13, 2022) - Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Paysafe Limited ("Paysafe" or the "Company") (NYSE: PSFE) between December 7, 2020 through November 10, 2021 (the "Class Period").
If you purchased Paysafe securities during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Michael Dell'Angelo at mdellangelo@bm.net or (215) 875-3080.
Whistleblowers: Anyone with non-public information regarding Paysafe is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Paysafe, formerly known as Foley Trasimene Acquisition Corp. II ("FTAC") and based in Bermuda, is a provider of digital commerce solutions which enable users to upload, store, withdraw, and pay funds and from virtual accounts. On March 30, 2021, Paysafe became a public entity via business combination with FTAC.
According to a recently filed lawsuit, Paysafe falsely represented to investors that it was negatively impacted by new gambling regulations and that it had encountered performance challenges in its Digital Wallet segment.
On November 11, 2021, before the market opened, Paysafe announced that it was making a downward adjustment to its revenue guidance for the full year 2021 downward, and that it attributed the adjustment 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 40% - to close at $4.24 per share on November 11.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Michael Dell'Angelo, Executive Shareholder
Berger Montague
(215) 875-3080
mdellangelo@bm.net
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110049
