Lawsuit for Investors in shares of MoneyGram International, Inc. (NASDAQ: MGI) announced by Shareholders Foundation
SAN DIEGO, CA, November 27, 2018 (Newswire.com) - The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors in shares of MoneyGram International, Inc. (NASDAQ: MGI).
The plaintiff seeks to recover losses for certain investors who purchased MoneyGram International, Inc. (NASDAQ: MGI) shares.
Investors, who purchased shares of MoneyGram International, Inc. (NASDAQ: MGI), have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
On November 8, 2018, the Federal Trade Commission ("FTC") announced that M MoneyGram International, Inc. "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 International, Inc. was aware for years of the high levels of fraud and suspicious activities involving certain agents, including large chain agents."
The plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that MoneyGram was aware for years of high levels of fraud involving its money transfer system, that MoneyGram failed to implement appropriate anti-fraud countermeasures, in part, because doing so would adversely impact its revenue, that this misconduct would draw scrutiny from the FTC, which had an agreed-upon order requiring MoneyGram to implement a comprehensive anti-fraud program, that 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 that 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.
Those who purchased MoneyGram International, Inc. (NASDAQ: MGI) shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.
Source: Shareholders Foundation, Inc.
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