LEAD PLAINTIFF DEADLINE IS APRIL 23, 2021
NEW YORK, March 03, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces a federal securities class action lawsuit has been filed against MoneyGram International, Inc. (“MoneyGram”) (NASDAQ: MGI) in the United States District Court for the Central District of California on behalf of those who purchased or acquired the securities of MoneyGram between June 17, 2019 and February 22, 2021, inclusive (the “Class Period”).
All investors who purchased shares of MoneyGram and incurred losses are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of MoneyGram, you may, no later than April 30, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of MoneyGram International, Inc.
The filed Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that:
XRP, the cryptocurrency that MoneyGram was utilizing as part of its Ripple partnership, was viewed as an unregistered and therefore unlawful security by the SEC;
in the event that the SEC decided to enforce the securities laws against Ripple, MoneyGram would be likely to lose the lucrative stream of market development fees that was critical to its financial results throughout the Class Period; and
as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
On February 22, 2021, MoneyGram filed its annual report on Form 10-K for the year ended December 31, 2020, disclosing to shareholders that it was “possible that MoneyGram will not resume transacting with Ripple under the commercial agreement and will be unable to receive the related market development fees in 2021 and beyond.”
On this news, MoneyGram securities fell 33.2%, from a closing price on February 19, 2021 of $10.87, to a closing price on February 23, 2021 of $7.26 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
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