Labaton Sucharow LLP Files Class Action Lawsuit on Behalf of Investors in MoneyGram International, Inc. (MGI)
September 15 2016 - 4:56PM
Labaton Sucharow LLP (“Labaton Sucharow”) announces that it filed a
securities class action lawsuit on behalf of its client Iron
Workers District Counsel of New England Pension Fund against
MoneyGram International, Inc. (“MoneyGram” or the “Company”)
(NASDAQ:MGI), its controlling shareholder, certain of its senior
executives, principal shareholders, and the underwriters of
MoneyGram’s secondary public offering completed on or around April
2, 2014 (the “Offering”). The action, which is captioned Iron
Workers District Counsel of New England Pension Fund v. MoneyGram
International Inc., No. 15-cv-00402-LPS (D. Del.), was filed on
behalf of all persons or entities who purchased the common stock of
MoneyGram pursuant and/or traceable to the Offering.
MoneyGram provides money transfer and payment services, and
earns most of its revenues through a network of sending and
receiving retail agents, of whom Walmart is the largest such
agent.
The complaint alleges that MoneyGram, its controlling
shareholder, certain of its officers and directors, and
underwriters of the Offering, violated Sections 11, 12(a)(2), and
15 of the Securities Act of 1933 by making false and misleading
statements and failing to disclose material adverse information in
offering documents filed with the U.S. Securities and Exchange
Commission regarding Walmart’s possible entry into the money
transfer business and the potential effect it would have on
MoneyGram.
The true state of Walmart’s entry into the money transfer
business was revealed on April 17, 2014, just over two weeks after
the Offering closed, when Walmart announced that it would launch
its own money transfer product beginning on April 24, 2014.
In response to this news, MoneyGram’s stock price fell by nearly 30
percent.
If you purchased or acquired MoneyGram common stock pursuant
and/or traceable to the Offering, you are a member of the “Class”
and may be able to seek appointment as Lead Plaintiff. Lead
Plaintiff motion papers must be filed with the U.S. District Court
for the District of Delaware no later than November 14, 2016.
A lead plaintiff is a court-appointed representative for absent
members of the Class. You do not need to seek appointment as
Lead Plaintiff to share in any Class recovery in this action.
If you are a Class member and there is a recovery for the Class,
you can share in that recovery as an absent Class member. You
may retain counsel of your choice to represent you in this
action.
If you would like to consider serving as Lead Plaintiff or have
any questions about this lawsuit, you may contact Francis P.
McConville, Esq. of Labaton Sucharow, at (800) 321-0476, or via
email at fmcconville@labaton.com. You can view a copy of the
complaint online at
http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm.
The Iron Workers District Counsel of New England Pension Fund is
represented by Labaton Sucharow, which represents many of the
largest pension funds in the United States and internationally with
collective assets under management of more than $2 trillion.
Labaton Sucharow’s litigation reputation is built on its half
century of securities litigation experience, more than 60 full-time
attorneys, and in-house team of investigators, financial analysts,
and forensic accountants. Labaton Sucharow has been
recognized for its excellence by the courts and peers, and it is
consistently ranked in leading industry publications. Offices
are located in New York, NY and Wilmington, DE. More
information about Labaton Sucharow is available at
www.labaton.com.
Contact:
Francis P. McConville, Esq.
Labaton Sucharow LLP
(800) 321-0476
fmcconville@labaton.com
http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm
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