Lawsuit Overview
February 5, 2016 - The parties filed a stipulation of dismissal with prejudice.
September 29, 2015 - The court granted in part and denied in part defendants' motion to dismiss.
October 27, 2014 - The lead plaintiffs filed an amended consolidated complaint.
September 26, 2014 - The lead plaintiff and lead counsel were appointed.
December 10, 2013 - An investor in shares of Western Union Company (The) (NYSE: WU) filed a lawsuit in the U.S. District Court for the District of Colorado against Western Union Company (The) over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 7, 2012 and October 30, 2012.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired Western Union Company (The) (NYSE: WU) between February 7, 2012 and October 30, 2012, that Western Union Company (The) and certain of its officers and directors violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that between February 7, 2012 and October 30, 2012, defendants issued allegedly materially false and misleading statements regarding Western Union Company (The)'s financial performance and future prospects, including failing to disclose that the Western Union Company (The) was experiencing difficulties complying with its increased compliance duties required by its Southwest Border Agreement with the state of Arizona, which was to crack down on illegal money laundering practices between the states along the U.S. and Mexican border, that Western Union Company (The) was spending significantly more than forecast on its efforts to satisfy the Southwest Border Agreement compliance and monitoring program, that Western Union Company (The) had downplayed the impact that changes in its compliance and regulatory environment were having on Western Union Company (The)'s operations between February 7, 2012 and October 30, 2012, including its operations in Mexico and Latin America, and that Western Union Company (The) was under competitive pricing pressure to charge a premium for its core money transfer product.
On February 7, 2012, Western Union Company (The) reported its fourth quarter and full year results. The Western Union Company (The) reported that its annual total Revenue rose from over $5.19 billion in 2010 to over $5.49 billion in 2011 and that its respective Net Income increased from $909.90 million to over $1.16 billion.
On October 30, 2012, Western Union Company (The) reported its financial results for the 2012 third quarter.
Shares of the Western Union Company (The) (NYSE: WU) declined from $19.11 per share in September 2012 to $11.95 per share on November 2, 2012.