NEW YORK, Sept. 29, 2016 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities law firm, reminds
investors in MoneyGram International, Inc. ("MoneyGram" or the
"Company") (NASDAQ:MGI) of the November 14,
2016 deadline to seek the role of lead plaintiff in a
federal securities class action lawsuit filed against the Company
and certain officers.
The lawsuit has been filed in the U.S. District Court for the
District of Delaware on behalf of
all those who purchased or otherwise acquired shares pursuant to
MoneyGram's secondary public offering completed on or around
April 2, 2014 (the "Offering"). The
case Iron Workers District Council of New England Pension Fund
v. MoneyGram International Inc. et al, No. 1:15-cv-00402 was
filed on May 19, 2015, and has been
assigned to Judge Leonard P.
Stark.
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.
Request more information now by clicking here:
www.faruqilaw.com/MGI. There is no cost or obligation to
you.
Take Action
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
rgonnello@faruqilaw.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.
Attorney Advertising. The law firm responsible for this
advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with
respect to any future matter. We welcome the opportunity to discuss
your particular case. All communications will be treated in a
confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello,
Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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