DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a class action lawsuit has been filed in the Superior Court of the State of California for the County of San Francisco against Xoom Corp. (“Xoom”) (NASDAQ: XOOM) and several officers and directors related to conduct since its initial public offering on February 14, 2013.
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Xoom. If you are an affected Xoom shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, or via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated certain provisions of the federal securities laws with respect to its disclosures concerning business, operations and prospects. Allegedly, Xoom made false and misleading statements and failed to disclose that its internal controls were deficient. When Xoom disclosed on January 5, 2015 that its Chief Financial Officer had resigned and that $30.8 million in corporate cash was discovered to have been illegally transferred overseas, Xoom stock dropped significantly.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.