Investors with losses are encouraged to contact the firm before April 30, 2021; click here to submit trade information
LOS ANGELES, March 10, 2021 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of MoneyGram International, Inc.. (NASDAQ: MGI) investors that acquired shares between June 17, 2019 and February 22, 2021. Investors have until April 30, 2021 to seek an active role in this litigation.
It is alleged in this complaint that MoneyGram made misleading and false statements to the market. MoneyGram was utilizing XRP, the cryptocurrency associated with its Ripple partnership, which was considered as an unregistered and therefore unlawful security by the SEC. MoneyGram was likely to lose a significant revenue stream if the SEC took enforcement action against Ripple based on market development fees it received due to the partnership. MoneyGram’s revenues from these development fees was critical to its financial results. MoneyGram’s public statements were false and materially misleading throughout the class period. Investors suffered damages when the market learned the truth about MoneyGram.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 30, 2021.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar