STEVENSON, Md., Feb. 21, 2017 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of The Western Union Company (NYSE:WU) (“Western Union” or the “Company”) securities during the period between February 24, 2012 and January 19, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until March 27, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Western Union securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that: the Company’s fraud prevention efforts did not comply with applicable laws; it knowingly failed to maintain an effective anti-money laundering program; it aided and abetted wire fraud, for at least five years; it knew of agents structuring transactions designed to avoid the reporting requirements of the Bank Secrecy Act; it was not compliant with its regulatory responsibilities; between 2004 and 2012, it violated U.S. laws by processing transactions for its agents and others involved in an international consumer fraud scheme; and. it knew of, but failed to take corrective action, against its agents involved in or facilitating fraud-related transactions.
According to the complaint, following a January 19, 2017 article that the Company agreed to pay $586 million to resolve criminal and civil charges and a U.S. Department of Justice announcement that the Company admitted that it failed to maintain an effective anti-money laundering program and aided and abetted wire fraud, the value of Western Union shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Western Union securities purchased on or after February 24, 2012 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.