|[December 10, 2013]
Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Certain Officers and Directors of The Western Union Company
SAN DIEGO --(Business Wire)--
Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating
whether certain officers and directors of The Western Union (News - Alert) Company
(NYSE:WU) violated state or federal laws in connection with statements
issued regarding Western Union's business, operations and financial
A class action lawsuit against the Company has been filed on behalf of
shareholders who purchased Western Union stock between February 7, 2012
and October 30, 2012 (the "Class Period"). Jim Baker, lead analyst at
Johnson & Weaver, LLP, had this comment about the class action lawsuit:
"Officers or directors should be held liable, rather than the Company
and its shareholders, if they are found to be responsible for the claims
made in the Class Action."
The complaint contends that during the Class Period, defendants issued
materially false and misleading statements regarding the Company's
business operations and financial prospects, including failing to
divulge that Western Union: (a) was experiencing difficulties complying
with its increased compliance duties reqired by its Southwest Border
Agreement with the state of Arizona, which was to crack down on illegal
money laundering practices between the states along the U.S. and Mexican
border; (b) was spending significantly more than forecast on its efforts
to satisfy the Southwest Border Agreement compliance and monitoring
program; (c) had downplayed the impact that changes in its compliance
and regulatory environment were having on the Company's operations
during the Class Period, including its operations in Mexico and Latin
America; and (d) was under competitive pricing pressure to charge a
premium for its core money transfer product.
On this news, the Company's stock price dropped $5.20 per share on
October 31, 2012, to close at down 29%.
If you have continuously held shares prior to February 2012 you may have
standing to hold the Company harmless from the damage the officers and
directors caused and make them personally responsible. You may also be
able to assist in reforming the Company's corporate governance to
prevent future wrongdoing.
If you are a shareholder of Western Union and believe: 1) damage was
caused to the Company, and 2) officers or directors are responsible for
the damage and they should be held liable rather than the Company and
its shareholders, please contact lead analyst Jim Baker (firstname.lastname@example.org)
at 619-230-0063, Ext. 118.
Johnson & Weaver, LLP is a nationally recognized shareholders' rights
law firm. The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.
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