PayPal float stalled by lawsuit

Unlucky...

PayPal has been forced to delay its much anticipated IPO after a lawsuit was filed against it by online security company CertCo. The float was set for this week, but a patent infringement suit filed by New-York-based CertCo prevented the wheels from turning. PayPal had fixed a range of $12 to $14 for its 5.4 million share offering. The offering was expected to bring in between $63.3m and $73.1m. A spokesman for PayPal declined to comment on the suit or the delay.