NEW YORK–(BUSINESS WIRE)–$MGI #classaction–The law firm of Kirby
McInerney LLP reminds investors that a class action lawsuit has been
filed in the U.S. District Court for the Northern District of Illinois
on behalf of all persons or entities who acquired MoneyGram
International, Inc. (“MoneyGram” or the “Company”) (NASDAQ: MGI)
securities between February 11, 2014 and 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, have information, or would like to
learn more about these claims, please contact Thomas
W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org,
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 LLP 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 LLP’s
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jurisdictions under the applicable law and ethical rules.