Investigation Overview
January 12, 2015 (Update) - On January 5, 2015 Xoom Corp announced that, on December 30, 2014, Xoom Corporation determined that it had been the victim of a criminal fraud. Xoom Corp said that the incident involved employee impersonation and fraudulent requests targeting the Company's finance department, resulting in the transfer of $30.8 million in corporate cash to overseas accounts and that as a result, Xoom Corp expects to record a one-time charge of $30.8 million in its fourth quarter of 2014. Xoom Corp also said that it believes that no customer data was involved nor was any customer's money involved in this matter and the Company's systems were not impacted. Xoom Corp also announced on January 5, 2015, that its CFO Matt Hibbard resigned and that his departure 'is not the result of any disagreement or dispute with the Company.' Shares of Xoom Corp declined from $17.93 per share on December 30, 2014 to as low as $15.66 per share on January 6, 2015.
November 01, 2014 (Shareholders Foundation) - An investigation on behalf of investors of Xoom Corp (NASDAQ:XOOM) shares over potential securities laws violations by Xoom and certain of its directors and officers in connection certain financial statements was announced.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Xoom Corp (NASDAQ:XOOM) concerning whether a series of statements by Xoom regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Shares of Xoom Corp (NASDAQ:XOOM) reached $34.60 per share in July 2013.
On February 4, 2014, Xoom Corp reported its fourth quarter and full year 2013 results. Xoom Corp reported that its annual Total Revenue rose from $80.02 million in 2012 to $122.21 million in 2013 and that its Net Loss of $5.85 million in 2012 turned to a Net Income of $6.33 million in 2013.
On April, 22, 2014 Xoom Corp reported its first quarter 2014 results. Xoom Corp reported first quarter 2014 Revenue of $35.94 million, compared to $24.31 million in 2013. On July 22, 2014, Xoom Corp reported its second quarter 2014 results. Xoom Corp reported that its second quarter 2014 Revenue rose to $39.84 million, compated to $33.49 million in 2013, while its second quarter Net Income declined to $1.40 million in 2014 compared to $4.09 million in 2013.
On October 28, 2014, Xoom Corp reported its third quarter 2014 results. Xoom Corp reported that its third quarter revenue rose to $39.4 million in the third quarter 2014 while its third quarter 2014 Net Income declined to $0.4 million. Among other things, Xoom Corp also announced that its CFO will resign effectively December 1, 2014.
Shares of Xoom Corp declined from $24.17 per share in early September 2014 to as low as $14.24 per share on October 29, 2014.
On October 31, 2014, NASDAQ:XOOM shares closed at $15.10 per share.