WASHINGTON--(BUSINESS WIRE)--Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether MoneyGram International, Inc. (“MoneyGram” or the “Company”) and certain of its officers and directors committed violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the District of Delaware by another law firm on behalf of purchasers of the common stock of MoneyGram (NASDAQ: MGI) pursuant or traceable to the underwritten secondary public offering completed on or about April 2, 2014 (the “Offering”).
MoneyGram is a money transfer and payment services company that offers its services through retail agents. Money transfer services are MoneyGram’s primary source of revenue and Walmart was the company’s largest agent, at one time accounting for over 10 percent of total fee and investment revenue. In October 2012, MoneyGram and Walmart renewed their partnership agreement for the years 2013-2016. The master trust agreement included a provision permitting Walmart to develop its own money transfer product.
On April 17, 2014, Walmart announced plans to commence a white label product, called Walmart-2-Walmart. Walmart-2-Walmart allows for domestic money transfers of up to $900 between Walmart locations. Later that day MoneyGram held a conference call stating that Walmart had only notified the Company on April 16 about its April 17 announcement. After being priced at $16.50 per share for the secondary offering, MoneyGram’s stock price fell from $17.99 on April 16, 2014 to $14.81 on April 17, 2014. It fell again to $12.80 on April 21, 2014.
Cohen Milstein encourages all investors who purchased MoneyGram International common stock pursuant or traceable to the Offering or former employees with information concerning this matter to contact the firm.
If you are a MoneyGram shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at firstname.lastname@example.org. If you wish to serve as lead plaintiff, you must move the Court no later than November 14, 2016 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over two billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Suite 500 East
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: email@example.com; firstname.lastname@example.org