Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against The Western Union Company (“Western Union” or “Company”) (NYSE: WU). The firms are investigating additional legal claims against the officers and Board of Directors of Western Union during the period of February 7, 2012 and October 30, 2012 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In a recently filed federal class action complaint, Western Union and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that among other things, defendants’ misrepresented and/or failed to disclose that: (a) Western Union was having trouble complying with its increased compliance duties required by the Southwest Boarder Agreement; (b) Western Union was spending significantly more than forecast on its efforts to satisfy the compliance and monitoring program; (c) Western Union downplayed the impact that changes in its compliance and regulatory environment were having on the Western Union’s operations during the Class Period; (d) Western Union’s ability to charge a premium for its core money transfer product was under competitive pricing pressure during the Class Period; and due to the above, defendants lacked a reasonable basis for their positive statements about the Company or its outlook during the Class Period. According to the complaint, when Western Union divulged the truth, its stock dropped dramatically.