BENSALEM, Pa., Jan. 08, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the
January 14, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that
purchased MoneyGram International, Inc. (“MoneyGram” or the “Company”) (NASDAQ: MGI) securities between February 11, 2014 to November 8,
2018, inclusive (the “Class Period”). MoneyGram investors have until January 14, 2019 to file a
lead plaintiff motion.
Investors suffering losses on their MoneyGram investments are encouraged to contact the Law Offices of Howard G.
Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On November 8, 2018, the Federal Trade Commission (“FTC”) announced that MoneyGram agreed to pay $125 million to
settle allegations that the company “failed to take steps required under a 2009 [FTC] order to crack down on fraudulent money
transfers” and allegations that the company violated a 2012 deferred prosecution agreement with the Department of Justice.
Then, on November 9, 2018, MoneyGram reported a decrease in money transfer revenue due to the “impact of higher
compliance standards and newly implemented corridor specific controls.” On this news, MoneyGram’s share price fell $2.20 per share,
or over 49%, to close at $2.27 per share on November 9, 2018, on unusually heavy trading volume.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially 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)
consequently, defendants’ statements about MoneyGram’s business, operations, and prospects were materially false and misleading
and/or lacked a reasonable basis at all relevant times.
If you purchased shares of MoneyGram during the Class Period you may move the Court no later
than January 14, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal
requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take
no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and
ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
