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NEW YORK, Feb. 03, 2017 -- Safirstein Metcalf LLP announces that a class action lawsuit has been filed on behalf of purchasers of The Western Union Company (“Western Union”) (NYSE:WU) securities from February 24, 2012 through January 19, 2017, inclusive (the “Class Period”).
If you purchased Western Union securities during the class period, and would like more information about getting involved in the Western Union Shareholder Class Action, please contact Sheila Feerick at 1-800-221-0015, or email [email protected].
If you wish to serve as lead plaintiff, you must move the Court no later than March 27, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company’s fraud prevention efforts did not comply with applicable laws; it knowingly failed to maintain an effective anti-money laundering program; it aided and abetted wire fraud, for at least five years; it knew of agents structuring transactions designed to avoid the reporting requirements of the Bank Secrecy Act; it was not compliant with its regulatory responsibilities; it violated U.S. laws by processing transactions for its agents and others involved in an international consumer fraud scheme; and it knew of, but failed to take corrective action, against its agents involved in or facilitating fraud-related transactions.
According to the complaint, following the disclosure on January 19, 2017 that the Company agreed to pay $586 million to resolve criminal and civil charges and a U.S. Department of Justice announcement that the Company admitted that it failed to maintain an effective anti-money laundering program and aided and abetted wire fraud, Western Union’s stock price declined significantly.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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Safirstein Metcalf LLP Peter Safirstein, Esq. 1250 Broadway 27th Floor New York, NY 10001 1-800-221-0015
