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Moneygram International Inc (NASDAQ: MGI) Investor Securities Class Action Lawsuit 09/15/2016

  • If you purchased shares of Moneygram International Inc (NASDAQ: MGI), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Moneygram International Inc
Security
NASDAQ: MGI

Case Name
MoneyGram International Shareholder Class Action Lawsuit 09/15/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Delaware

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Summary

September 15, 2016 - An investor, who purchased shares of Moneygram International Inc (NASDAQ: MGI) in MoneyGram International Inc’s secondary public offering completed on or around April 2, 2014, filed a lawsuit in the U.S. District Court for the District of Delaware against Moneygram International Inc (NASDAQ: MGI), its controlling shareholder, certain of its senior executives, principal shareholders, and the underwriters of MoneyGram International Inc’s secondary public offering completed on or around April 2, 2014 over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made in connection with MoneyGram International Inc’s secondary public offering completed on or around April 2, 2014.

The complaint alleges that MoneyGram International Inc, 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 International Inc.

On April 17, 2014 during an analyst conference call, Moneygram International Inc disclosed the decision by Walmart to introduce competing products across the U.S. Shares of Moneygram International Inc (NASDAQ: MGI) declined from $17.98 per share in April 16, 2014, to $12.59 per share on April 21, 2014.