SAN DIEGO, Feb. 17, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Xoom Corp (XOOM) over alleged Securities Laws Violations in connection with the initial public offering conducted on February 14, 2013.
Investors who purchased a significant amount of shares of Xoom Corp (Nasdaq:XOOM) pursuant and/or traceable to its initial public offering conducted on February 14, 2013 have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges on behalf of investors who purchased Xoom Corp (Nasdaq:XOOM) common stock pursuant and/or traceable to its initial public offering conducted on February 14, 2013, that the defendants violated Securities Laws. More specifically, the plaintiff claims that Xoom Corp and certain of its officers and directors made false and misleading statements and failed to disclose that its internal controls were deficient.
On October 28, 2014, Xoom Corp reported its third quarter 2014 results. Among other things, Xoom Corp also announced that its CFO Ryno Blignaut will resign effectively December 1, 2014.
Then on January 5, 2015 Xoom Corp announced that, on December 30, 2014, Xoom Corporation determined that it had been the victim of a criminal fraud. Xoom Corp said that the incident involved employee impersonation and fraudulent requests targeting the Company's finance department, resulting in the transfer of $30.8 million in corporate cash to overseas accounts and that as a result, Xoom Corp expected to record a one-time charge of $30.8 million in its fourth quarter of 2014. Xoom Corp also announced that its CFO Matt Hibbard resigned.
According to the plaintiff Federal law enforcement officials are currently pursuing a criminal investigation at Xoom Corp as a result of these criminal actions.
Shares of Xoom Corp declined to as low as $15.66 per share on January 6, 2015 and continued to decline to as low as $13.82 per share on February 11, 2015.
The lawsuit seeks to recover damages for certain Xoom investors.
Those who purchased shares of Xoom Corp (Nasdaq:XOOM) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at email@example.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554 firstname.lastname@example.org 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
Source:Shareholders Foundation, Inc.