MoneyGram International, Inc. (MGI)


Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In MoneyGram International, Inc. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in MoneyGram International, Inc. (“MoneyGram” or the “Company”) (NASDAQ:MGI) of the January 14, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in MoneyGram stock or options between February 11, 2014 and November 8, 2018 and would like to discuss your legal rights, please fill out the form below.  There is no cost or obligation to you.

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 rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who purchased MoneyGram securities between February 11, 2014 and November 8, 2018 (the “Class Period”).  The case, Chew v. MoneyGram International, Inc. et al., No. 18-cv-07537 was filed on November 14, 2018, and has been assigned to Judge Joan Humphrey Lefkow.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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; and (3) this misconduct would draw scrutiny from the Federal Trade Commission (“FTC”), which had an agreed-upon order requiring MoneyGram to implement a comprehensive anti-fraud program, and the U.S. Department of Justice (“DOJ”), which entered into a Deferred Prosecution Agreement concerning MoneyGram’s anti-fraud and anti-money laundering programs. 

On November 8, 2018, the FTC announced that MoneyGram had agreed to pay $125 million to settle allegations that the Company violated the FTC’s 2009 order and breached a 2012 deferred prosecution agreement with the DOJ. Specifically, the FTC alleged that, among other things, MoneyGram failed to implement an adequate anti-fraud program and was aware for years of fraud involving certain of its agents.

Following the FTC’s announcement, MoneyGram’s share price fell from $4.47 per share on November 8, 2018 to a closing price of $2.27 on November 9, 2018—a $2.20 or a 49.22% drop.

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MoneyGram International, Inc. (MGI)

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Details

Filed on 11/19/2018

Ticker NASDAQ:MGI

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

Richard W. Gonnello rgonnello@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

Finding us

Our Offices


Our offices are nationwide. If you have any questions about a case or our firm, please contact us.

New York

685 Third Avenue 26th Floor
New York, New York 10017
(212) 983-9330
(877) 247-4292
(212) 983-9331

California

10866 Wilshire Boulevard Suite 1470
Los Angeles, California 90024
(424) 256-2884
(424) 256-2885

Delaware

3828 Kennett Pike Suite 201
Wilmington, Delaware 19807
(302) 482-3182
(302) 482-3612

Georgia

3975 Roswell Rd Suite A
Atlanta, Georgia 30342
(404) 847-0617
(404) 506-9534

Pennsylvania

1617 JFK Boulevard, Suite 1550
Philadelphia, Pennsylvania 19103
(215) 277-5770
(215) 277-5771

Faruqi & Faruqi office in New York, New York

Faruqi & Faruqi office in Los Angeles, California

Faruqi & Faruqi office in Wilmington, Delaware

Faruqi & Faruqi office in Atlanta, Georgia

Faruqi & Faruqi office in Philadelphia, Pennsylvania