MoneyGram International, Inc.
If you purchased MoneyGram International, Inc. securities and would like to join the action, please click "Join This Action" below.
MONEYGRAM (MGI) INVESTIGATION: HALPER SADEH LLP ANNOUNCES IT IS INVESTIGATING WHETHER MONEYGRAM INTERNATIONAL, INC. MANAGEMENT BREACHED THEIR FIDUCIARY DUTIES TO SHAREHOLDERS – MGI
April 19, 2019.
New York, New York—Halper Sadeh LLP, a global investor rights law firm, announces it is investigating potential breaches of fiduciary duties by management of MoneyGram International, Inc. (“MoneyGram” or the “Company”) (NASDAQ: MGI) resulting from allegations that management may have issued materially misleading business information to the investing public.
On November 8, 2018, the Federal Trade Commission (“FTC”) announced that MoneyGram agreed to pay $125 million to settle allegations that the Company failed to take steps required under a prior FTC order and U.S. Department of Justice (“DOJ”) deferred prosecution agreement to “crack down on fraudulent money transfers.” Specifically, the FTC claimed that “MoneyGram was aware for years of the high levels of fraud and suspicious activities involving certain agents,” while, at the same time, failing “to promptly conduct the required reviews or to suspend or terminate agents, particularly those from larger locations with high levels of fraud.” On this news, MoneyGram stock fell $2.20 per share or over 49% to close at $2.27 per share on November 9, 2018.
Following this news, on November 14, 2018, MoneyGram and certain of its officers and directors were sued for alleged violations of the federal securities laws. Halper Sadeh LLP’s investigation focuses on whether MoneyGram’s management breached their fiduciary duties to MoneyGram shareholders.
Our attorneys represent investors all over the world who have fallen victim to securities fraud and corporate misconduct. They have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Join This Class Action