An announcement from a law firm noted that it filed a class action lawsuit on behalf of shareholders of a money transfer company.
Law office Robbins Geller Rudman and Dowd, LLP, noted that it filed a class action claim against The Western Union Company in the United States District Court for the District of Colorado. This was for those who purchased shares of the company during the class period between Feb. 7, 2012, and Oct. 30, 2012.
Allegations against Western Union relate to potential board of directors and officer violations of the Securities Exchange Act of 1934. Specifically, the company released statements that were either false or misleading regarding its own financial performance, as well as its potential for the future.
The company also did not inform shareholders that it had compliance issues with the Southwest Border Agreement of Arizona. This allegedly forced the company to spend a more significant sum of money on its efforts to remain compliant. Changes in these structures made it more difficult to do work in Latin America. The company also lost approximately 40 percent of its business in Mexico during this period.
Those shareholders who are interested in being the lead plaintiff of the case need to file the proper paperwork with the court within 60 days of the filing date. However, there is no requirement to be lead plaintiff in order to collect in the event of a decision.
Anyone who is curious about the details of the lawsuit, or has concerns regarding their own interests and rights related to this topic, it is possible to speak with members of the law firm. Specifically, speaking with Samuel Rudman or David Rosenfeld is best, and they can be reached by email or phone. It is also possible for class members to read the complaint on the law firm's website.
Separate firm investigates claims
Another law firm is examining the allegations related to Western Union after shareholders brought up the complaints. Johnson and Weaver, LLP, announced the investigation, as there may have been violations of state and federal laws.
Those shareholders who feel the company was damaged and this was due to actions from the board of directors or other officers, may want to contact the firm. It is possible to speak with firm member Jim Baker by email or telephone for more information.