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.
Company & Securities Information
Defendant: Xoom Corporation
Industry: Consumer Financial Services
Headquarters: United States
Ticker Symbol: XOOM
Company Market: NASDAQ
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.