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Shareholder Class Action Filed Against The Western Union Company

Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired The Western Union Company (NYSE: WU) (“Western Union” or the “Company”) securities between February 24, 2012 and January 19, 2017, inclusive (the “Class Period”).

Western Union investors may receive additional information about the case by clicking the link "Join this Class Action" above. 


According to the complaint, Western Union provides money movement and payment services worldwide. The Company operates in three segments: Consumer-to-Consumer, Consumer-to-Business, and Business Solutions.

The Class Period commences on February 24, 2012, when the Company filed a Form 10-K for the fiscal year ended December 31, 2011 (the “2011 10-K”) with the SEC, which provided the Company’s year-end financial results and position and stated that the Company’s internal control over financial reporting and disclosure controls and procedures were effective as of December 31, 2011.  The 2011 10-K further stated that Western Union “believe[s] our fraud prevention efforts are effective and comply with applicable law and best practices,” and also touted Western Union’s global compliance programs, including its anti-money laundering program, and Western Union’s practice of continuing “to adapt our business practices and strategies to help us comply with current and evolving legal standards and industry practices.”

The complaint alleges that Western Union and certain of its executive officers violated the Securities Exchange Act of 1934 by making false and/or misleading statements and/or failing to disclose material adverse facts about the Company's business, operations, and prospects.  Specifically, the complaint alleges that 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.
 
On January 19, 2017, the U.S. Department of Justice issued a release entitled “Western Union Admits Anti-Money Laundering and Consumer Fraud Violations, Forfeits $586 Million in Settlement with Justice Department and Federal Trade Commission.”  Following this news, 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.

If you are a member of the class described above, you may no later than March 27, 2017 move the Court to serve as a lead plaintiff of the class, if you so choose.   

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.

Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter.  If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com

Please complete this form and list your purchase and sale transaction(s) for The Western Union Company (NYSE: WU) (“Western Union” or the “Company”) securities between February 24, 2012 and January 19, 2017, inclusive (the “Class Period”):

Information Sheet
* Denotes required field
Acquisitions
Date Aquired
Number of Shares Acquired
Acquisition Price Per Share
Sales
Date Sold
Number of Shares Sold
Selling Price Per Share
Did you purchase shares of The Western Union Company prior to the class period?
Are you a current or former employee of The Western Union Company?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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