Cases
The Western Union Company (NYSE: WU)
Securities Class Action
Overview
Overview
- Date:
- 1/27/2017
- Company Name:
- The Western Union Company
- Stock Symbol:
- WU
- Class Period:
- FROM 2/24/2012 TO 1/19/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Central California
NEW YORK, January 27, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who acquired the Western Union Company (NYSE: WU) securities between February 24, 2012 and January 19, 2017 (the “Class Period”).
According to the Complaint, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Western Union’s fraud prevention efforts did not comply with applicable laws; (2) Western Union willfully 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) between 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) as a result, Defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you acquired Western Union securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
According to the Complaint, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Western Union’s fraud prevention efforts did not comply with applicable laws; (2) Western Union willfully 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) between 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) as a result, Defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you acquired Western Union securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.