WILMINGTON, Del., Jan. 26, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating Xoom Corporation ("Xoom" or the "Company") for possible violations of securities laws relating to the Company's securities filing on January 5, 2015 that it had been the victim of a criminal fraud.
On January 5, 2015, Xoom made a Form 8-K filing with the Securities and Exchange Commission ("SEC") which stated the following:
"On December 30, 2014, the Company determined that it had been the victim of a criminal fraud. The incident involved employee impersonation and fraudulent requests targeting the Company's finance department, resulting in the transfer of $30.8 million in corporate cash to overseas accounts. As a result, the Company expects to record a one-time charge of $30.8 million in its fourth quarter of 2014. The Company believes that no customer data was involved nor was any customer's money involved in this matter and the Company's systems were not impacted. While this matter will result in some additional near-term expenses, the Company does not expect this incident to otherwise have a material impact on its business."
The Company further stated in the 8-K filing that
"On January 2, January 3, and January 4, 2015, the Company's audit committee met to discuss the matter and authorized an independent investigation, to be assisted by outside advisors. While the Company has internal controls in place and has implemented additional internal procedures, its audit committee and advisors are reviewing these controls and processes as part of the investigation. The Company has contacted federal law enforcement authorities who are actively pursuing a multi-agency criminal investigation. The Company may be limited in what information it can disclose due to the ongoing investigation."
As a result of this news, Xoom's share price fell approximately 2.53% on January 5, 2015 and fell another 1.66 % in intraday trading that day.
Given this information, Andrews & Springer LLC is preparing a class action lawsuit as a result. If you currently own shares of Xoom and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/XOOM or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.