MONEYGRAM INTERNATIONAL, INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that it has filed a securities class action lawsuit in the United States District Court for the Northern District of Illinois against MoneyGram International, Inc.
Lead Plaintiff Deadline is January 14, 2019
NEW YORK, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that it has filed a federal securities class action in the United States District Court for the Northern District of Illinois on behalf of purchasers of the securities of MoneyGram International, Inc. (“MoneyGram”) (NASDAQ: MGI) from February 11, 2014 through November 8, 2018, inclusive (the “Class Period”).
Investors who have incurred losses in the shares of MoneyGram International, Inc. are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of MoneyGram International, Inc., you may, no later than January 14, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in MoneyGram International, Inc.
According to filed complaint, defendants made false and/or misleading statements and/or failed to disclose that:
-- MoneyGram was aware for years of high levels of fraud involving its money transfer system; -- MoneyGram failed to implement appropriate anti-fraud countermeasures, in part, because doing so would adversely impact its revenue; -- this misconduct would draw scrutiny from the FTC, which had an agreed-upon order requiring MoneyGram to implement a comprehensive anti-fraud program; -- 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; and -- as a result, defendants’ statements about MoneyGram’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 8, 2018, the Federal Trade Commission (“FTC”) announced that MoneyGram agreed to pay $125 million to settle allegations that the company “failed to take steps required under a 2009 [FTC] order to crack down on fraudulent money transfers” and allegations that the company violated a 2012 deferred prosecution agreement with the Department of Justice.
Then, on November 9, 2018, MoneyGram reported a decrease in money transfer revenue due to the “impact of higher compliance standards and newly implemented corridor specific controls.”
On this news, MoneyGram’s share price fell $2.20 per share, or over 49%, to close at $2.27 per share on November 9, 2018, on unusually heavy trading volume.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq.Gregory Stone, Director of Case and Financial AnalysisEmail: email@example.com, firstname.lastname@example.org or email@example.com Tel: (800) 575-0735 or (212) 545-4774
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.