NEW YORK, March 02, 2021 (GLOBE NEWSWIRE) — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of MoneyGram International, Inc. (“MoneyGram” or the “Company”) (NASDAQ: MGI) from June 3, 2019, through February 22, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the Central District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased MoneyGram securities, and/or would like to discuss your legal rights and options please visit MoneyGram Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com
The complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose to investors: (1) 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; (2) 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 (3) 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.
If you wish to serve as lead plaintiff, you must move the Court no later than April 30, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased MoneyGram securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/moneygraminternational-mgi-shareholder-class-action-lawsuit-stock-fraud-368/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Matthew E. Guarnero
Bernstein Liebhard LLP