LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of MoneyGram International, Inc. (“MoneyGram” or “the Company”) (NASDAQ: MGI) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. MoneyGram is the subject of an article published by CoinDesk on February 22, 2021, titled: “MoneyGram Puts Relationship With Ripple’s XRP on Hold.” According to the article, “The money transfer company said Monday it ‘is not planning for any benefit from Ripple market development fees in the first quarter’ of 2021, a break from last year’s Q1 when MoneyGram banked $12.1 million in such fees.” The article continues, “Ripple has been paying MoneyGram to use the XRP token in international settlement since 2019 and first engaging in a pilot agreement with the service in 2018. Since then, MoneyGram has netted $61.5 million in ‘market development fees’ from Ripple.” Based on this news, shares of MoneyGram fell by 33% over the next two trading days.
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