STEVENSON, Md., Dec. 07, 2018 (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 Northern District of Illinois on behalf of purchasers of MoneyGram International, Inc. (Nasdaq: MGI) (“MoneyGram” or the “Company”) securities during the period between February 11, 2014 through November 8, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until January 14, 2019 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 MoneyGram 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 failed to implement appropriate anti-fraud countermeasures, in part, because doing so would adversely impact its revenue, this misconduct would draw scrutiny from the federal regulatory agencies.
According to the complaint, following a November 8, 2018 press release from the Federal Trade Commission (“FTC”) announcing that the Company agreed to pay $125 million to settle allegations that the Company violated the FTC’s 2009 order, and a November 9, 2018 announcement that revenue decreased due to the impact of the higher compliance standards and newly implemented corridor specific controls, the value of MoneyGram shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in MoneyGram securities purchased on or after February 11, 2014 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 contact Brower Piven either by email at [email protected] or by telephone at (410) 415-6616.
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.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Wall St Business News, Latest and Up-to-date Business Stories from Newsmakers of Tomorrow