Xoom Corporation is an electronic funds transfer or remittance provider that allows consumers to send money, pay bills and reload mobile phones from the United States and Canada to 131 countries.

According to the law firm press release, the lawsuit alleges the Company and certain of its officers and directors made false and/or misleading statements and/or failed to disclose that its internal controls were deficient. On October 28, 2014, Xoom announced the resignation of its CFO. On January 5, 2015, Xoom announced $30.8 million in corporate cash was illegally transferred to overseas accounts. On that same day, Xoom announced the resignation of its CFO. On these adverse news, shares of Xoom fell, damaging investors.

On June 25, 2015, the Court issued an Order remanding this case back to the San Francisco County Superior Court.