LOS ANGELES--(BUSINESS WIRE)--
Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased The Western Union Company (“Western Union” or the “Company”) (NYSE: WU) securities between February 24, 2012 and January 19, 2017, inclusive (the “Class Period”). Western Union investors have until March 27, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Western Union investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to [email protected].
The complaint filed in this class action lawsuit alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) Western Union’s fraud prevention efforts did not comply with applicable laws; (2) Western Union knowingly failed to maintain an effective anti-money laundering program; (3) Western Union aided and abetted wire fraud; (4) for at least five years, Western Union knew of agents structuring transactions designed to avoid the reporting requirements of the Bank Secrecy Act; (5) Western Union was not compliant with its regulatory responsibilities; (6) between 2004 and 2012, Western Union violated U.S. laws—the Bank Secrecy Act and anti-fraud statutes—by processing hundreds of thousands of transactions for Western Union agents and others involved in an international consumer fraud scheme; (7) Western Union knew of but failed to take corrective action against Western Union agents involved in or facilitating fraud-related transactions; (8) from January 1, 2004 and August 29, 2015, Western Union received at least 550,928 complaints about fraud-induced money transfers, totaling at least $632,721,044; and (9) consequently, Defendants’ public statements were materially false and misleading at all relevant times.
On January 19, 2017, the U.S. Department of Justice and the Federal Trade Commission reported that Western Union had professed to "aiding and abetting wire fraud" by permitting illegal money transfers to benefit human traffickers, money laundering schemes, and otherwise enable the transfer of “dirty money.” Western Union also admitted that it was aware that its agents were covering up money laundering transactions in order to avoid detection. And, Western Union has agreed to pay a $586 million settlement in connection with these claims.
On this news, shares of Western Union fell over 3% on January 19, 2017.
If you purchased shares of Western Union during the Class Period you may move the Court no later than March 27, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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