MoneyGram International, Inc.
Lead Plaintiff Deadline: 04/30/2021
SUMMARY OF CASE:
A securities class action has been filed against MoneyGram International, Inc. (MGI) on behalf of purchasers of shares of the MoneyGram between June 17, 2019 through February 22, 2021. This case has been filed in the USDC – C.D.CA.
The Complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (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. When the true details entered the market, the lawsuit claims that investors suffered damages.