Western Union Company (The) (NYSE: WU) Investor Securities Class Action Lawsuit 01/26/2017

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Company Name(s): 
Western Union
Case Name: 
Western Union Shareholder Class Action Lawsuit 01/26/2017
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 

March 30, 2017 - The case was transferred to the U.S. District Court for the District of Colorado.

March 27, 2017 - Lead plaintiff motions were filed.

January 26, 2017 - An investor in shares of Western Union Company (The) (NYSE: WU) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Western Union Company (The) in connection with certain allegedly false and misleading statements made between February 24, 2012 and January 19, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Western Union Company (The) (NYSE: WU) common shares between February 24, 2012 and January 19, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 24, 2012 and January 19, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Western Union Company's fraud prevention efforts did not comply with applicable laws, that Western Union Company (The) willfully failed to maintain an effective anti-money laundering program, that Western Union aided and abetted wire fraud, that for at least five years, Western Union knew of agents structuring transactions designed to avoid the reporting requirements of the Bank Secrecy Act, that Western Union Company (The) was not compliant with its regulatory responsibilities, that between 2004 and 2012, Western Union Company (The) violated U.S. laws—the Bank Secrecy Act and anti-fraud statutes—by processing hundreds of thousands of transactions for Western Union Company (The) agents and others involved in an international consumer fraud scheme, that Western Union Company (The) knew of but failed to take corrective action against Western Union Company (The) agents involved in or facilitating fraud-related transactions, that between January 1, 2004 and August 29, 2015, Western Union Company (The) received at least 550,928 complaints about fraud-induced money transfers, totaling at least $632,721,044, and that as a result, defendants’ public statements were materially false and misleading at all relevant times.

Western Union Company (The) reported that its annual Total Revenue declined from over $5.6 billion in 2014 to over $5.48 billion in 2015 and that its Net Income declined from $852.40 million in 2014 to $837.80 million in 2015.

On January 19, 2017, the U.S. Department of Justice and the Federal Trade Commission announced that Western Union Company (The) agreed to pay $586 million and admitted to "aiding and abetting wire fraud" by allowing scammers to process transactions even when the company realized its agents were disguising transactions to avoid detection.

Shares of Western Union Company (The) (NYSE: WU) closed on January 26, 2017, at $19.59 per share.