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Investors in PLDT (PHI) ADR Case
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- Consumer Financial Protection Bureau issued a Complaint against Active Network, Global Network's (GPN) subsidiary for illegally cramming consumers with membership fees.
- Global Payments’ (GPN) stock fell, wiping out a $263M market cap and damaging Investors
- Investors suspect the Company and its Leaders of deceptive and abusive acts and practices, which consequently negatively affected the value of their shareholdings.
On October 18, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Complaint against Active Network, Global Payments' (GPN) subsidiary, for illegally cramming consumers with membership fees.
On this news, the price of Global Payments’ (GPN) stock fell, damaging investors.
As a result, Investors have reasons to suspect that Company and its Leaders made false and/or misleading statements and/or failed to disclose that:
- Active Network used deceptive and abusive acts and practices to dupe its customers into enrolling in Active Network’s own discount club;
- Since July 2011, Active Network, and by extension, Global Payments, was aware of such unauthorized conduct and that it was violating relevant regulations and laws aimed at protecting its consumers;
- Since 2011, Global Payments failed to properly monitor its subsidiary from engaging in such unlawful conduct, detect and stop the misconduct, and identify and remediate harmed consumers;
- All the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny or investigation;
- Global Payments’ revenues were in part the product of Active Network’s unlawful conduct and thus unsustainable;
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
18 October 2022
08 February 2023
Lead Plaintiff Deadline
10 April 2023
Hon. Leigh Martin May