Kahn Swick & Foti, LLC (“KSF”) and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until November 14, 2016 to file lead plaintiff applications in a securities class action lawsuit against MoneyGram International Inc. (NasdaqGS: MGI), if they purchased the Company’s securities pursuant and/or traceable to the secondary public offering completed on or around April 2, 2014 (the “Offering”). This action is pending in the United States District Court for the District of Delaware.
What You May Do
If you purchased shares of MoneyGram and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by November 14, 2016.
About the Lawsuit
MoneyGram and certain of its executives and principle shareholders are charged with failing to disclose material information in connection with the Offering, violating federal securities laws.
The Company allegedly made false and misleading statements and omissions regarding Walmart’s possible entry into the money transfer business and the potential effect it would have on MoneyGram.
On April 17, 2014, just over two weeks after the Offering closed, Walmart announced that it would launch its own money transfer product on April 24, 2014.
Following this news, MoneyGram’s stock price plummeted by almost 30%.