WILMINGTON, Del. – A PayPal shareholder claims in a derivative action that the company’s board breached their fiduciary duties by failing to disclose negative information about the safety and security of the Venmo mobile app, which PayPal acquired after buying Braintree in 2013. The lead plaintiff claims he only learned of problems with the payment app through investigations by the Federal Trade Commission and the Texas attorney general.
The plaintiff is Steve Seeman. The defendants are PayPal Holdings Inc., Daniel Schulman, John Rainey, Patrick Dupuis, Wences Casares, Jonathan Christodoro, John Donahoe, David Dorman, Gail McGovern, David Moffett, Pierre Omidyar and Frank Yeary.