It is alleged in this complaint that MoneyGram made misleading and false statements to the market. MoneyGram was utilizing XRP, the cryptocurrency associated with its Ripple partnership, which was considered as an unregistered and therefore unlawful security by the SEC. MoneyGram was likely to lose a significant revenue stream if the SEC took enforcement action against Ripple based on market development fees it received due to the partnership. MoneyGram’s revenues from these development fees was critical to its financial results. MoneyGram’s public statements were false and materially misleading throughout the class period. Investors suffered damages when the market learned the truth about MoneyGram.
MoneyGram International, Inc.
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