MoneyGram Class Action Lawsuit: Bernstein Liebhard LLP Announces That A Securities Class Action Lawsuit Has Been Filed Against MoneyGram International, Inc. - MGI
NEW YORK, Nov. 14, 2018 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of MoneyGram International, Inc. ("MoneyGram" or the "Company") (NASDAQ: MGI) between February 11, 2014 and November 8, 2018, both dates inclusive (the "Class Period"). The lawsuit seeks to recover MoneyGram shareholders' investment losses.
If you purchased MoneyGram securities, and/or would like to discuss your legal rights and options, please visit MoneyGram Shareholder Class Action Lawsuit or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
According to the lawsuit, throughout the Class Period Defendants made 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) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
On November 8, 2018, the Federal Trade Commission ("FTC") announced that MoneyGram "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 was aware for years of the high levels of fraud and suspicious activities involving certain agents, including large chain agents."
On this news, MoneyGram stock fell $2.20 per share, or over 49%, from its previous closing price to close at $2.27 per share on November 9, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than January 14, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased MoneyGram securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/moneygram-international-inc-mgi-lawsuit-class-action-fraud-stock-93/ or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2018 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
[email protected]
SOURCE Bernstein Liebhard LLP
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