INVESTIGATION ALERT REMINDER: The Schall Law Firm Announces it is Investigating Claims Against MoneyGram International, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm
The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of MoneyGram International, Inc. (“MoneyGram” or “the Company”) (NASDAQ:MGI) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. The FTC announced on November 8, 2019, that MoneyGram agreed to pay $125 million to settle allegations brought against the Company that it “failed to take steps required under a 2009 Federal Trade Commission order to crack down on fraudulent money transfers.” The payment would also settle allegations that the Company violated a 2012 deferred prosecution agreement with the DOJ. Following that news, MoneyGram reported a decrease in money transfer revenue the next day. The Company blamed the “impact of higher compliance standards and newly implemented corridor specific controls,” for the decrease. Based on this news, shares of MoneyGram fell more than 49% on November 9, 2018.
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We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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