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In re Paysafe Limited f/k/a Foley Trasimine Acquisition Corp. II Sec. Litig.

Court Adopts Order Appointing Lead Plaintiff in Putative Securities Class Action

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OPINION & ORDER On February 8, 2022, seven movants sought to be appointed lead plaintiff and have their attorneys appointed as lead counsel in this putative securities class action. Five movants subsequently filed notices of non-opposition, and only two remained: the group of Robert J. Viani and Eric C. Price (“the Viani/Price Group”) and Campbell Capital Management (“CCM”). See Docs. 19, 36. On May 10, 2022, Magistrate Judge Katharine H. Parker (“MJ Parker”), to whom this case was referred, appointed the Viani/Price Group as lead plaintiff and their attorneys, Kessler Topaz Meltzer & Check (“KT”), as lead counsel. Doc. 67 (“the Order”). CCM filed objections to the Order on May 24, 2022 (Doc. 72), which are now before the Court. For the reasons set forth below, the Court adopts the Order, and CCM’s objections are DENIED. I. BACKGROUND The Court assumes the parties’ familiarity with the facts and summarizes the relevant background only to the extent relevant to the instant motion. A. The Underlying Securities Exchange Act Allegations Foley Trasimene Acquisition Corp. II (“FTAC”) was a special purpose acquisition corporation formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other similar business combination. Doc. 1 22. On December 7, 2020, FTAC announced that it entered into a definitive agreement and plan of merger with Paysafe Group Holdings Limited (“Paysafe Group”). Id. 23. It issued a press release highlighting several aspects of Paysafe Group’s business and touted its growth opportunities. Id. 25. The merger was completed on March 30, 2021, and the newly combined company was Paysafe Limited (“Paysafe”), a Bermuda company providing end-to-end payment solutions for merchants and consumers, including a digital wallet that allows consumers to make digital payments for purposes such as e-commerce, online gambling, and gaming. Id.

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