Lawsuit filed for Investors in shares of MoneyGram International, Inc. (NYSE: MGI)

An investor, who purchased shares of MoneyGram International, Inc. (NYSE: MGI), filed a lawsuit over alleged violations of Federal Securities Laws by MoneyGram International, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of MoneyGram International, Inc. (NYSE: MGI) have certain options and for certain investors are short and strict deadlines running. Deadline: April 30, 2021. NYSE: MGI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Dallas, TX based MoneyGram International, Inc., together with its subsidiaries, provides cross-border peer-to-peer payments and money transfer services in the United States and internationally.

On February 22, 2021, a report was published called, "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." The article stated 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."

Shares of MoneyGram International, Inc. (NYSE: MGI) declined from $11.70 per share on February 17, 2021, to as low as $5.60 per share on March 5, 2021.

The plaintiff claims that between June 17, 2019 and February 22, 2021, the defendants made false and/or misleading statements and/or failed to disclose that XRP, the cryptocurrency that MoneyGram was utilizing as part of its Ripple partnership, was viewed as an unregistered and therefore unlawful security by the SEC, that in the event that the SEC decided to enforce the securities laws against Ripple, MoneyGram would be likely to lose the lucrative stream of market development fees that was critical to its financial results between June 17, 2019 and February 22, 2021, and that as a result, defendants’ public statements were materially false and/or misleading at all relevant times.

Those who purchased shares of MoneyGram International, Inc. (NYSE: MGI) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.