LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC (the “Firm”) announces a class action lawsuit has been filed against MoneyGram International Inc. (“MoneyGram” or the “Company”) (Nasdaq: MGI) concerning possible violations of federal securities laws. Investors who purchased or otherwise acquired shares pursuant to the company’s secondary public offering completed on or around April 2, 2014, are encouraged to contact the Firm before the November 14, 2016 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
The complaint alleges that MoneyGram and underwriters of the secondary offering violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. Specifically, the complaint alleges that MoneyGram issued 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 of such a development. On April 17, 2014, Walmart announced that it would launch a money transfer product on April 24, 2014. When this information was disclosed, shares of MoneyGram dropped in value, causing investors harm.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.