NEW YORK, March 3, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of MoneyGram International, Inc. (“MoneyGram” or the “Company”) (NASDAQ: MGI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether MoneyGram and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On February 22, 2021, CoinDesk published an article entitled “MoneyGram Puts Relationship With Ripple’s XRP on Hold,” reporting on MoneyGram’s decision to end its partnership with the payment-processing company Ripple. According to the article, MoneyGram “‘is not planning for any benefit from Ripple market development fees in the first quarter’ of 2021, a break from last year’s Q1 when MoneyGram banked $12.1 million in such fees.” The article further 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 stock price fell $3.61 per share, or more than 33%, over the following two trading sessions, closing at $7.26 per share on February 23, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
SOURCE Pomerantz LLP