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.
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If you invested in MoneyGram common stock or options pursuant to the aforementioned Offering and would like to discuss your legal rights, visit www.faruqilaw.com/MGI. 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 email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding MoneyGram's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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