graphic
graphic  
graphic
Markets > IPOs
graphic
Suit postpones PayPal IPO
graphic February 6, 2002: 6:15 p.m. ET

New issue from online payment service delayed because of CertCo lawsuit.
graphic
graphic graphic
graphic
graphic
graphic       graphic
  • ManTech International leads IPO slate -- Feb. 2, 2002
  •  
    graphic
    NEW YORK (CNN/Money) - PayPal Inc. postponed its planned initial public offering Wednesday because of a lawsuit from CertCo Inc., a source with knowledge of the situation told CNN/Money.

    PayPal had planned to price its $70.2 million IPO late Wednesday but decided to delay the offering. Rival CertCo Inc. filed a lawsuit earlier this week against PayPal alleging patent infringement.

    Palo Alto, Calif.-based PayPal is very popular with users of online auction sites such as eBay. Businesses or consumers with e-mail use PayPal to send and receive payments. About 68 percent of dollar volume made through the PayPal system comes from auction sites.

    PayPal had planned to sell 5.4 million shares at $12 to $14 each via Salomon Smith Barney. PayPal had expected to begin trading Thursday but decided to hold off, the source said.

    However, the IPO is not dead or even close to death, the source said. PayPal could amend the situation by refiling its prospectus with the Securities and Exchange Commission and adding a paragraph about the CertCo lawsuit, the source said.

    New York-based CertCo provides security and risk management software for companies doing business online.

    PayPal declined to comment. CertCo could not be reached for comment. graphic

      RELATED STORIES

    ManTech International leads IPO slate -- Feb. 2, 2002





    graphic

    Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.
    Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.
    graphic