GlobeNewswire Inc | Jan 31, 2022 07:04PM EST

February 01, 2022

NEW YORK, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Paysafe Limited f/k/a Foley Trasimene Acquisition Corp. II (Paysafe or the Company) (NYSE:PSFE). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Paysafe and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

On November 7, 2020, Foley Trasimene Acquisition Corp. II (FTAC), a special purpose acquisition company, announced its entry into a definitive agreement and plan of merger with Paysafe Group Holdings Limited, and that upon closing of the transaction the newly combined company would operate as Paysafe with its shares listed on the New York Stock Exchange under the symbol PSFE.

On March 30, 2021, Paysafe announced the completion of the merger, with Paysafe as the surviving public entity.

Then, on November 11, 2021, Paysafe announced that it was revising its revenue guidance for the full year 2021 downward from a range of $1,530 $1,550 to a range of $1,470 $1,480. 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 Companys original expectations for these agreements.

On this news, Paysafes stock price fell $3.03 per share, or more than 40%, to close at $4.24 per share on November 11, 2021.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

CONTACT:Robert S. WilloughbyPomerantz LLPrswilloughby@pomlaw.com888-476-6529 ext. 7980