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MoneyGram International, Inc. (NYSE: MGI) Investor Securities Class Action Lawsuit 03/01/2021

  • If you purchased shares of MoneyGram International, Inc. (NYSE: MGI), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Moneygram International Inc
Security
NASDAQ: MGI

Case Name
MoneyGram International Shareholder Class Action Lawsuit 03/01/2021
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Texas

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Summary

April 8, 2021 - The case was transferred to the U.S. District Court for the Northern District of Texas

March 1, 2021 - An investor in shares of MoneyGram International, Inc. (NYSE: MGI) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by MoneyGram International, Inc. in connection with certain allegedly false and misleading statements made between June 17, 2019 and February 22, 2021.

Dallas, TX based MoneyGram International, Inc., together with its subsidiaries, provides cross-border peer-to-peer payments and money transfer services in the United States and internationally.

On February 22, 2021, a report was published called, MoneyGram Puts Relationship With Ripple's XRP on Hold: The money transfer company said it ‘is not planning for any benefit from Ripple market development fees' in Q1. In last year's Q1, MoneyGram banked $12.1 million in such fees. The article stated that Ripple has been paying MoneyGram to use the XRP [] token in international settlement since 2019 and first engaging in a pilot agreement with the service in 2018. Since then, MoneyGram has netted $61.5 million in ‘market development fees' from Ripple. Shares of MoneyGram International, Inc. (NYSE: MGI) declined from $11.70 per share on February 17, 2021, to as low as $5.60 per share on March 5, 2021.

According to the complaint the plaintiff alleges on behalf of purchasers of MoneyGram International, Inc. (NYSE: MGI) common shares between June 17, 2019 and February 22, 2021, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between June 17, 2019 and February 22, 2021, the defendants made false and/or misleading statements and/or failed to disclose that XRP, the cryptocurrency that MoneyGram was utilizing as part of its Ripple partnership, was viewed as an unregistered and therefore unlawful security by the SEC, that in the event that the SEC decided to enforce the securities laws against Ripple, MoneyGram would be likely to lose the lucrative stream of market development fees that was critical to its financial results between June 17, 2019 and February 22, 2021, and that as a result, defendants’ public statements were materially false and/or misleading at all relevant times.