NEW YORK, Feb. 13, 2017 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP
(www.kaplanfox.com) is investigating claims on behalf of investors
of The Western Union Company ("Western Union" or the "Company")
(NYSE: WU).
A class action complaint has been filed in the United States
District Court for the Central District of California against Western Union and certain
officers on behalf of persons or entities that acquired the
publicly traded securities of Western Union between February 12, 2012 and January 19, 2017, inclusive (the "Class")
alleging violations of the Securities Exchange Act of 1934
("Exchange Act").
According to the complaint, following a January 19, 2017 article that the Company agreed
to pay $586 million to resolve
criminal and civil charges and a U.S. Department of Justice
announcement that the Company admitted that it failed to maintain
an effective anti-money laundering program and aided and abetted
wire fraud, shares of Western Union fell $0.87 per share, or over 3.9%, over two trading
days to close at $20.98 per share on
January 20, 2017, thereby damaging
investors.
The complaint alleges, among other things, that the defendants
violated Sections 10(b) and 20(a) of the Securities Exchange Act of
1934 by making false and misleading statements and/or failing 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; and 8) between January 1, 2004 and August
29, 2015, Western Union received at least 550,928 complaints
about fraud-induced money transfers, totaling $632,721,044.
If you are a member of the proposed Class, you may move the
court no later than March 27, 2017 to
serve as a lead plaintiff for the purported class. You need
not seek to become a lead plaintiff in order to share in any
possible recovery. If you would like to discuss the complaint
or our investigation, please contact us by emailing
pmayer@kaplanfox.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP,
with offices in New York,
San Francisco, Los Angeles, Chicago and New
Jersey, has many years of experience in prosecuting investor
class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit
our website at www.kaplanfox.com. If you have any questions
about this Notice, the action, your rights, or your interests,
please contact:
Melinda D. Campbell
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: mcampbell@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California
94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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SOURCE Kaplan Fox &
Kilsheimer LLP