NEW YORK--(BUSINESS WIRE)--WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of MoneyGram International, Inc. (NASDAQ: MGI) resulting from allegations that MoneyGram may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased MoneyGram securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to http://www.rosenlegal.com/cases-register-2046.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On February 22, 2021, CoinDesk published an article entitled “MoneyGram Puts Relationship With Ripple’s XRP on Hold: The money transfer company said it ‘is not planning for any benefit from Ripple market development fees’ in Q1. In last year's Q1, MoneyGram banked $12.1 million in such fees.” Further, the article reported that “Ripple has been paying MoneyGram to use the XRP [] token in international settlement since 2019 and first engaging in a pilot agreement with the service in 2018. Since then, MoneyGram has netted $61.5 million in ‘market development fees’ from Ripple.”
On this news, MoneyGram’s shares fell $3.61 per share, or 33%, over the next two days to close at $7.26 per share on February 23, 2021.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020 founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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