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MoneyGram International, Inc.

Case Summary

MoneyGram International, Inc. Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 11/14/2018 (Ongoing date of last review)

Filing Date: November 14, 2018

According to the Complaint, MoneyGram International, Inc. ("MoneyGram" or the Company), together with its subsidiaries, provides money transfer services in the United States and internationally.

The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) MoneyGram was aware for years of high levels of fraud involving its money transfer system; (2) MoneyGram failed to implement appropriate anti-fraud countermeasures, in part, because doing so would adversely impact its revenue; (3) this misconduct would draw scrutiny from the FTC, which had an agreed-upon order requiring MoneyGram to implement a comprehensive anti-fraud program; (4) this misconduct would draw scrutiny from the Department of Justice, which entered into a Deferred Prosecution Agreement concerning MoneyGram’s anti-fraud and anti-money laundering programs; and (5) as a result, Defendants’ statements about MoneyGram’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Company & Securities Information

Defendant: MoneyGram International, Inc.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

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

Khong Meng Chew, et al. v. MoneyGram International, Inc., et al.

COURT: N.D. Illinois
DOCKET #: 18-CV-07537
JUDGE: Hon. Joan H. Lefkow
DATE FILED: 11/14/2018
CLASS PERIOD START: 02/11/2014
CLASS PERIOD END: 11/08/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
  2. Wolf Haldenstein Adler Freeman & Herz LLP (Chicago)
    55 West Monroe Street, Suite 1111, Wolf Haldenstein Adler Freeman & Herz LLP (Chicago), IL 60603
    312.984.0000 312.984.0000 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violations of the Federal Securities Laws 11/14/2018
2 U.S. District Court Civil Docket 11/14/2018

Reference Complaint

—Reference Complaint Complaint Related Data is not available

Related District Court Filings

—Related District Court Filings Data is not available
 
 

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