SHAREHOLDER ALERT: MoneyGram International, Inc. (NASDAQ:MGI)
(ShareholderAlert.com) — Shareholder Alert, a free shareholder news & information service announces that class actions have commenced on behalf of shareholders of the following companies. If you suffered a loss you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff.
A class action lawsuit has been filed on behalf of shareholders of MoneyGram International, Inc. (NASDAQ:MGI). Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found below.
MoneyGram International, Inc. (NASDAQ: MGI)
Lead Plaintiff Deadline: January 14, 2019
Class Period: February 11, 2014 and November 8, 2018
According to the lawsuit, 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.