MoneyGram International, Inc. (NYSE: MGI)
A class action has been commenced in the United States District Court for the District of Delaware on behalf of purchasers of MoneyGram International, Inc. (NYSE: MGI) common stock who purchased or otherwise acquired shares pursuant to MoneyGram’s secondary public offering completed on or around April 2, 2014 (the “Offering”).
The lawsuit focuses on whether the Company and its executives violated federal securities laws by issuing 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 it would have on the Company.
Specifically, the lawsuit alleges that the false nature of the Offering Documents was revealed approximately two weeks following the closing of the Offering, which is when Walmart, on April 17, 2014, announced that it would launch its own money transfer product in U.S. locations on April 24, 2014.
On this news, MoneyGram’s share price declined over the course of several days from a closing price of $17.99 on April 16, 2014 to a closing price of $12.80 on April 21, 2014 —a $5.19 or a 28.85% drop.
If you are a current shareholder who purchased or otherwise acquired shares pursuant to MoneyGram’s secondary public offering completed on or around April 2, 2014 (the “Offering”), and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
Please Note: Neither the submission to nor the receipt of information by The Law Offices of Marc S. Henzel or one of its attorneys through this website constitutes an agreement by the firm to represent the individual and does not create an attorney-client relationship.