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SHAREHOLDER REMINDER: MoneyGram International, Inc. (MGI) Accused of Failing to Implement Adequate Anti-Fraud Programs; The Law Offices of Timothy L. Miles Encourages Shareholders to Contact the Firm

HENDERSONVILLE, TN / ACCESSWIRE / July 24, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, reminds investors that purchasers of MoneyGram International, Inc. (“MoneyGram” or “the Company”) (MGI) have fied a lawsuit against accussing the Company of failing to implement adequate anti-fraud programs. The lawsuit alleges violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission between February 11, 2014 and November 8, 2018.

MoneyGram Accused of Failing to Implement Adequate Anti-Fraud Programs

According to the complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between February 11, 2014 and November 8, 2018, MoneyGram boasted that the company had invested more than $120 million in its compliance and anti-fraud programs and had prevented more than $365 million in fraud losses. However, for over four years, MoneyGram was aware of high levels of fraud involving its money transfer system but failed to put adequate anti-fraud countermeasures in place because doing so would negatively impact its revenue. On November 8, 2018, the Federal Trade Commission (“FTC”) announced that MoneyGram had agreed to pay $125 million to settle allegations that (1) MoneyGram violated the FTC’s 2009 order requiring the company to implement a comprehensive anti-fraud program, and (2) that MoneyGram breached a 2012 Department of Justice Deferred Prosecution Agreement concerning the company’s anti-fraud programs. When MoneyGram reported disappointing third quarter 2018 earnings the following day, the company’s stock lost nearly half its value, closing at $2.27 per share on November 9, 2018.

The Law Offices of Timothy L. Miles Encourages Shareholders to Contact the Firm

If you purchased MoneyGram securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to tmiles@timmileslaw.com. If you inquire by email please include your mailing address, telephone number, and the number of shares purchased.