INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against MoneyGram International, Inc.
NEW YORK--(BUSINESS WIRE)--Nov 16, 2018--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of those who acquired MoneyGram International, Inc. (“MoneyGram” or the “Company”) (NASDAQ: MGI ) securities during the period from February 11, 2014 through November 8, 2018 (the “Class Period”). Investors have until January 14, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
According to the lawsuit, defendants failed to disclose that: (i) MoneyGram was aware for years of high levels of fraud involving its money transfer system; (ii) MoneyGram failed to implement appropriate anti-fraud countermeasures, in part, because doing so would adversely impact its revenue; (iii) this misconduct would draw scrutiny from the Federal Trade Commission (“FTC”), which had an agreed-upon order requiring MoneyGram to implement a comprehensive anti-fraud program; and (iv) this misconduct would draw scrutiny from the Department of Justice, which entered into a Deferred Prosecution Agreement concerning MoneyGram’s anti-fraud and anti-money laundering programs.
On November 8, 2018, the FTC announced that MoneyGram would pay a $125 million settlement to settle allegations that the Company failed to take steps to crack down on fraudulent money transfers, in violation of an existing consent order between MoneyGram and the FTC. On this news, MoneyGram stock fell $2.20 per share, or over 49%, from its previous closing price of $4.47 to close at $2.27 per share on November 9, 2018.
If you acquired MoneyGram securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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CONTACT: Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Kirby McInerney LLP
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PUB: 11/16/2018 08:00 PM/DISC: 11/16/2018 08:01 PM