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Labaton Sucharow LLP Files Class Action Lawsuit on Behalf of Investors in MoneyGram International, Inc. (MGI)

NEW YORK, Sept. 15, 2016 (GLOBE NEWSWIRE) -- Labaton Sucharow LLP (“Labaton Sucharow”) announces that it filed a securities class action lawsuit on behalf of its client Iron Workers District Counsel of New England Pension Fund against MoneyGram International, Inc. (“MoneyGram” or the “Company”) (NASDAQ:MGI), its controlling shareholder, certain of its senior executives, principal shareholders, and the underwriters of MoneyGram’s secondary public offering completed on or around April 2, 2014 (the “Offering”). The action, which is captioned Iron Workers District Counsel of New England Pension Fund v. MoneyGram International Inc., No. 15-cv-00402-LPS (D. Del.), was filed on behalf of all persons or entities who purchased the common stock of MoneyGram pursuant and/or traceable to the Offering.

MoneyGram provides money transfer and payment services, and earns most of its revenues through a network of sending and receiving retail agents, of whom Walmart is the largest such agent.

The complaint alleges that MoneyGram, its controlling shareholder, certain of its officers and directors, and underwriters of the Offering, violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 by making false and misleading statements and failing to disclose material adverse information in offering documents filed with the U.S. Securities and Exchange Commission regarding Walmart’s possible entry into the money transfer business and the potential effect it would have on MoneyGram.

The true state of Walmart’s entry into the money transfer business was revealed on April 17, 2014, just over two weeks after the Offering closed, when Walmart announced that it would launch its own money transfer product beginning on April 24, 2014. In response to this news, MoneyGram’s stock price fell by nearly 30 percent.

If you purchased or acquired MoneyGram common stock pursuant and/or traceable to the Offering, you are a member of the “Class” and may be able to seek appointment as Lead Plaintiff. Lead Plaintiff motion papers must be filed with the U.S. District Court for the District of Delaware no later than November 14, 2016. A lead plaintiff is a court-appointed representative for absent members of the Class. You do not need to seek appointment as Lead Plaintiff to share in any Class recovery in this action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member. You may retain counsel of your choice to represent you in this action.

If you would like to consider serving as Lead Plaintiff or have any questions about this lawsuit, you may contact Francis P. McConville, Esq. of Labaton Sucharow, at (800) 321-0476, or via email at fmcconville@labaton.com. You can view a copy of the complaint online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm.

The Iron Workers District Counsel of New England Pension Fund is represented by Labaton Sucharow, which represents many of the largest pension funds in the United States and internationally with collective assets under management of more than $2 trillion. Labaton Sucharow’s litigation reputation is built on its half century of securities litigation experience, more than 60 full-time attorneys, and in-house team of investigators, financial analysts, and forensic accountants. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY and Wilmington, DE. More information about Labaton Sucharow is available at www.labaton.com.

Contact: Francis P. McConville, Esq. Labaton Sucharow LLP (800) 321-0476 fmcconville@labaton.com http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm

Source:Labaton Sucharow LLP