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Case Status:    DISMISSED    
On or around 02/05/2016 (Notice of voluntarily dismissal)

Filing Date: December 10, 2013

According to the law firm press release, Western Union, headquartered in Englewood, Colorado, is a provider of money movement and payment services worldwide.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s financial performance and future prospects, including failing to disclose that Western Union: (a) was experiencing difficulties complying with its increased compliance duties required by its Southwest Border Agreement with the state of Arizona, which was to crack down on illegal money laundering practices between the states along the U.S. and Mexican border; (b) was spending significantly more than forecast on its efforts to satisfy the Southwest Border Agreement compliance and monitoring program; (c) had downplayed the impact that changes in its compliance and regulatory environment were having on the Company’s operations during the Class Period, including its operations in Mexico and Latin America; and (d) was under competitive pricing pressure to charge a premium for its core money transfer product.

The complaint further alleges that on October 30, 2012, the Company disclosed disappointing third quarter 2012 financial results and reduced its 2012 revenue, operating margin and earnings per share outlook, blaming the Company’s disastrous results and outlook in large part on the implementation of new system requirements in its Mexican operations required to comply with the Southwest Border Agreement. As a result of the new requirements, the complaint alleges that the Company was forced to terminate its relationship with 40% of its Mexican locations, as many of its agents were unable to meet the new heightened standards, and that the disruption in the Company’s Mexican locations further caused a disruption in Western Union’s Latin American operations. In addition, the Company disclosed that it was subject to intense competition in certain of its key corridors. As a result of these disclosures, the price of Western Union stock plummeted $5.20 per share on October 31, 2012, a decline of 29%.

On September 26, 2014, the Court issued an Order appointing lead plaintiff.

This case was voluntarily dismissed by plaintiffs on February 5, 2016.

COMPANY INFORMATION:

Sector: Financial
Industry: Consumer Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: WU
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Colorado
DOCKET #: 13-CV-03325
JUDGE: Hon. Marcia S. Krieger
DATE FILED: 12/10/2013
CLASS PERIOD START: 02/07/2012
CLASS PERIOD END: 10/30/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  2. The Shuman Law Firm (former Denver)
    885 Arapahoe Avenue, The Shuman Law Firm (former Denver), CO 80302
    303.861.3003 303.861.3003 ·
  3. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
No Document Title Filing Date
COURT: D. Colorado
DOCKET #: 13-CV-03325
JUDGE: Hon. Marcia S. Krieger
DATE FILED: 10/27/2014
CLASS PERIOD START: 02/07/2012
CLASS PERIOD END: 10/30/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kessler Topaz Meltzer & Check LLP (Pennsylvania)
    280 King of Prussia Road, Kessler Topaz Meltzer & Check LLP (Pennsylvania), PA 19087
    610.667.7706 610.667.7706 · info@ktmc.com
  2. Wheeler Trigg O'Donnell LLP
    370 Seventeenth Street, Suite 4500, Wheeler Trigg O'Donnell LLP, CO 80202
    (303) 244-1800 (303) 244-1879 ·
No Document Title Filing Date