LOS ANGELES, Dec. 28, 2018 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the January 14, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased MoneyGram International, Inc. (“MoneyGram” or the “Company”) (NASDAQ: MGI) securities between February 11, 2014 and November 8, 2018, inclusive (the “Class Period”). MoneyGram investors have until January 14, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
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.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) MoneyGram was aware for years of high levels of fraud involving its money transfer system; (2) MoneyGram failed to implement appropriate anti-fraud countermeasures, in part, because doing so would adversely impact its revenue; (3) this misconduct would draw scrutiny from the FTC, which had an agreed-upon order requiring MoneyGram to implement a comprehensive anti-fraud program; (4) 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 (5) consequently, defendants’ statements about MoneyGram’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased shares of MoneyGram, you may move the Court no later than January 14, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
www.glancylaw.com
shareholders@glancylaw.com