A lawsuit was filed on behalf of investors in MoneyGram International, Inc. (NASDAQ: MGI) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 12/11/2018 -- An investor, who purchased shares of MoneyGram International, Inc. (NASDAQ: MGI), filed a lawsuit over alleged violations of Federal Securities Laws by MoneyGram International, Inc.
Investors in shares of MoneyGram International, Inc. (NASDAQ: MGI) have certain options and for certain investors are short and strict deadlines running. Deadline: January 14, 2019. NASDAQ: MGI investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff claims that between February 11, 2014 through November 8, 2018, the 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, that MoneyGram failed to implement appropriate anti-fraud countermeasures, in part, because doing so would adversely impact its revenue, that this misconduct would draw scrutiny from the FTC, which had an agreed-upon order requiring MoneyGram to implement a comprehensive anti-fraud program, that 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 that 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.
Dallas, TX based MoneyGram International, Inc., together with its subsidiaries, provides money transfer services in the United States and internationally. On November 8, 2018, the Federal Trade Commission ("FTC") announced that M MoneyGram International, Inc. "has agreed to pay $125 million to settle allegations that the company failed to take steps required under a 2009 Federal Trade Commission order to crack down on fraudulent money transfers that cost U.S. consumers millions of dollars." The settlement also "resolves allegations that MoneyGram also violated a separate 2012 deferred prosecution agreement with the Department of Justice." "The FTC alleges that MoneyGram International, Inc. was aware for years of the high levels of fraud and suspicious activities involving certain agents, including large chain agents."
Shares of MoneyGram International, Inc. (NASDAQ: MGI) declined from $17.86 per share in April 2017 to as low as $2.04 per share on November 14, 2018.
Those who purchased shares of MoneyGram International, Inc. (NASDAQ: MGI) have certain options and should contact the Shareholders Foundation.
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