Investor Alert: Kaplan Fox Announces Investigation Of The Western Union Company
NEW YORK, Feb. 13, 2017 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of The Western Union Company ("Western Union" or the "Company") (NYSE: WU).
A class action complaint has been filed in the United States District Court for the Central District of California against Western Union and certain officers on behalf of persons or entities that acquired the publicly traded securities of Western Union between February 12, 2012 and January 19, 2017, inclusive (the "Class") alleging violations of the Securities Exchange Act of 1934 ("Exchange Act").
According to the complaint, following a January 19, 2017 article that the Company agreed to pay $586 million to resolve criminal and civil charges and a U.S. Department of Justice announcement that the Company admitted that it failed to maintain an effective anti-money laundering program and aided and abetted wire fraud, shares of Western Union fell $0.87 per share, or over 3.9%, over two trading days to close at $20.98 per share on January 20, 2017, thereby damaging investors.
The complaint alleges, among other things, that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making false and misleading statements and/or failing to disclose that: (1) Western Union's fraud prevention efforts did not comply with applicable laws; (2) Western Union willfully failed to maintain an effective anti-money laundering program; (3) Western Union aided and abetted wire fraud; (4) for at least five years Western Union knew of agents structuring transactions designed to avoid the reporting requirements of the Bank Secrecy Act; (5) Western Union was not compliant with its regulatory responsibilities; (6) between 2004 and 2012, Western Union violated U.S. laws – the Bank Secrecy Act and anti-fraud statutes – by processing hundreds of thousands of transactions for Western Union agents and others involved in an international consumer fraud scheme; (7) Western Union knew of but failed to take corrective action against Western Union agents involved in or facilitating fraud-related transactions; and 8) between January 1, 2004 and August 29, 2015, Western Union received at least 550,928 complaints about fraud-induced money transfers, totaling $632,721,044.
If you are a member of the proposed Class, you may move the court no later than March 27, 2017 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Melinda D. Campbell
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: [email protected]
SOURCE Kaplan Fox & Kilsheimer LLP
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