Moneygram International Inc. Securities Litigation
On or around 04/26/2017 (Notice of voluntarily dismissal)
Filing Date: March 13, 2017
According to the Complaint, On January 26, 2017, MoneyGram and Ant Financial Services Group (“Ant Financial”) announced that they entered into a definitive agreement (the “Merger Agreement”) pursuant to which MoneyGram would be acquired by Ant Financial with stockholders of MoneyGram being offered $13.25 per share in cash for their shares. Under the terms of the Proposed Transaction, Alipay UK, an entity owned by Alipay (Hong Kong) Limited (“Guarantor”) – a subsidiary of Ant Financial, will acquire all outstanding shares of MoneyGram. The Proposed Transaction was unanimously approved and adopted by the members of the MoneyGram Board of Directors (defined below). The $13.25 per share consideration represents a mere 11.5% premium to the closing price of the Company’s shares on the day prior to the announcement.
The Complaint alleges in pursuing the plan to facilitate the acquisition of MoneyGram by Ant Financial and the Ant Affiliates for grossly inadequate consideration through a flawed process, the Defendants have violated Sections 14(a) and 20(a) of the Exchange Act by causing a materially incomplete and misleading Schedule 14A Proxy Statement (“Proxy”) to be filed with U.S. Securities and Exchange Commission (“SEC”) on March 2, 2017. The Proxy recommends that MoneyGram stockholders vote in favor of the Proposed Transaction based on misleading information and without disclosing all material information.
This case was voluntarily dismissed on April 26, 2017.
Company & Securities Information
Defendant: Moneygram International Inc.
Industry: Misc. Financial Services
Headquarters: United States
Ticker Symbol: MGI
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.
First Identified Complaint
John Solak, et al. v. Moneygram International Inc., et al.