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The law firm of Federman & Sherwood has launched an investigation of MoneyGram International Inc. (NASDAQ: MGI) (“MoneyGram” or “the Company”) for possible violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and/or breaches of fiduciary duty by the Company’s officers and directors.
Federman & Sherwood’s investigation surrounds whether the Company violated specific sections of the Securities Exchange Act of 1934 by virtue of the Company’s failure to disclose that it had been contacted by Wal-Mart regarding Wal-Mart’s decision to introduce competing, white label money transfer products in all of its current wire transfer locations across the United States. On April 17, 2014 during an analyst conference call, MGI disclosed the decision by Wal-Mart to introduce competing products across the U.S., causing the value of MGI shares to decline in one day by almost 30% to close on April 17, 2014 at $12.58 per share.
Additionally, on March 24, 2014, MGI announced a Secondary Offering and Share Repurchase of approximately $150 million in shares of common stock, to be funded by borrowings under a new incremental term loan.
If you currently own common stock in MoneyGram International Inc., have any information to assist in our investigation, or have questions or concerns regarding this notice or your rights or interests in this matter, please contact Federman & Sherwood. Federman & Sherwood has extensive nationwide experience in representing investors in securities, derivative and merger-related shareholder class actions, and has been appointed as lead counsel in multiple complex cases across the country.