Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In MoneyGram International, Inc. To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in MoneyGram International, Inc. (“MoneyGram” or the “Company”) (NASDAQ:MGI) of the November 14, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of Delaware on behalf of all those who purchased or otherwise acquired shares pursuant to MoneyGram’s secondary public offering completed on or around April 2, 2014 (the “Offering”). The case Iron Workers District Council of New England Pension Fund v. MoneyGram International Inc. et al, No. 1:15-cv-00402 was filed on May 19, 2015, and has been assigned to Judge Leonard P. Stark.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by issuing misleading statements and/or failed to disclose material adverse information in offering documents filed with the U.S. Securities and Exchange Commission regarding the possibility of Walmart entering the money transfer business and the consequences it would have on the Company.
Specifically, the lawsuit alleges that the false nature of the Offering Documents was revealed approximately two weeks following the closing of the Offering, which is when Walmart, on April 17, 2014, announced that it would launch its own money transfer product in U.S. locations on April 24, 2014.
On this news, MoneyGram’s share price declined over the course of several days from a closing price of $17.99 on April 16, 2014 to a closing price of $12.80 on April 21, 2014 —a $5.19 or a 28.85% drop.
If you invested in MoneyGram common stock or options pursuant to the aforementioned Offering and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding MoneyGram’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.