Below is the first part of an article by Bronstein, Gewirtz & Grossman LLC from sacbee.com. It reads…
NEW YORK, Dec. 11, 2013 — /PRNewswire/ — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC announces that a securities class action has been filed in the United States District Court for the District of Colorado on behalf of those who purchased shares of The Western Union Company (“Western Union”) (NYSE: WU), during the period between February 7, 2012 and October 30, 2012, inclusive (the “Class Period”).
The complaint charges Western Union and certain of its executives with violations of federal securities laws. The complaint alleges that during the class period Western Union and certain of its executives issued a series of materially false and misleading statements during the Class Period, specifically the complaint alleges that the Company: (a) was experiencing difficulties complying with its increased compliance duties required 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.
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