MoneyGram International, Inc.
Company Name | MoneyGram International, Inc. |
Stock Symbol | MGI |
Class Period | February 11, 2014 to November 08, 2018 |
Lead Plaintiff Motion Deadline | January 14, 2019 |
On November 8, 2018, the Federal Trade Commission (“FTC”) announced that MoneyGram agreed to pay $125 million to settle allegations that the company “failed to take steps required under a 2009 [FTC] order to crack down on fraudulent money transfers” and allegations that the company violated a 2012 deferred prosecution agreement with the Department of Justice.
Then, on November 9, 2018, MoneyGram reported a decrease in money transfer revenue due to the “impact of higher compliance standards and newly implemented corridor specific controls.”
On this news, MoneyGram’s share price fell $2.20 per share, or over 49%, to close at $2.27 per share on November 9, 2018, on unusually heavy trading volume.
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