A lawsuit was filed by an investor in The Western Union Company (NYSE:WU) shares over alleged wrongdoing and other current long-term NYSE:WU investors should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 01/27/2014 -- An investor, who currently holds shares of The Western Union Company (NYSE:WU), filed a lawsuit against directors of The Western Union Company over alleged breaches of fiduciary duties.
Investors who purchased shares of The Western Union Company (NYSE:WU) in 2010 or earlier and currently hold any of those shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that certain defendants allegedly artificially inflated the price for shares of The Western Union Company while knowing that the company was in bad financial condition and then sold millions of dollars of personal holdings in Western Union common stock at artificially inflated prices. The plaintiff claims that between April 27, 2010 and Oct. 30, 2012, defendants lied about the amount it had to pay in a legal settlement with the State of Arizona. The plaintiff says that instead of the previously announced $23 million The Western Union Company actually spent $40 million on compliance efforts under the Arizona settlement and that Western Union Company also disclosed that it did not expect to fully satisfy its "burdens and obligations" under the settlement within the required time frame and could not reach an agreement with the State of Arizona for an extension, although, after three attempts, an extension was ultimately granted.
The Western Union Company currently faces a lawsuit over alleged securities laws violations. The plaintiff in that lawsuit alleges that The Western Union Company violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by issuing between February 7, 2012 and October 30, 2012 allegedly materially false and misleading statements regarding the Company's financial performance and future prospects. More specifically the plaintiff in that lawsuit claims that the defendants allegedly failed to disclose that the Western Union Company was experiencing difficulties complying with its increased compliance duties required by its Southwest Border Agreement with the state of Arizona, which was to crack down on illegal money laundering practices between the states along the U.S. and Mexican border, that The Western Union Company was spending significantly more than forecast on its efforts to satisfy the Southwest Border Agreement compliance and monitoring program, that The Western Union Company had downplayed the impact that changes in its compliance and regulatory environment were having on the Company's operations between February 7, 2012 and October 30, 2012, including its operations in Mexico and Latin America, and that The Western Union Company was under competitive pricing pressure to charge a premium for its core money transfer product.
Those who purchased shares of The Western Union Company (NYSE:WU) have certain options and should contact the Shareholders Foundation.
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