MoneyGram International, Inc. Securities Litigation (2018)

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Lawsuit Overview

Defendant:Moneygram International, Inc.
Date Filed:November 14th, 2018
Sector:Miscellaneous
Industry:Business Services
Class Start Date:February 11th, 2014
Class End Date:November 8th, 2018

According to the Complaint, MoneyGram International, Inc. ("MoneyGram" or the Company), together with its subsidiaries, provides money transfer services in the United States and internationally.

The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed 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, in part, because doing so would adversely impact its revenue; (3) this misconduct would draw scrutiny from the FTC, which had an agreed-upon order requiring MoneyGram to implement a comprehensive anti-fraud program; (4) 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 (5) 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.

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First Identified Complaint

Khong Meng Chew, et al. v. MoneyGram International, Inc., et al.

Date Filed:November 14th, 2018
Class Period Start:February 11th, 2014
Class Period End:November 8th, 2018
First Identified Complaint Filings
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