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The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of MoneyGram International, Inc. (NASDAQGS: MGI) who purchased shares between February 11, 2014 and November 8, 2018. The action, which was filed in the United States District Court for the Northern District of Illinois, alleges that the Company violated federal securities laws.
In particular, the MoneyGram lawsuit alleges 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.
Shareholders have until January 14, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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