NEW YORK, April 14, 2008 (PRIME NEWSWIRE) -- The Brualdi Law Firm P.C. announced today that it has filed that a class action lawsuit has been commenced in the United States District Court for the District of Minnesota on behalf of purchasers of the common stock of MoneyGram International, Inc. ("MoneyGram" or the "Company") (NYSE:MGI) between January 24, 2007 and January 14, 2008, inclusive (the "Class Period").
No class has yet been certified in the above action. If you purchased MoneyGram stock during the Class Period, you may be a member of the proposed Class. You must move the Court on or before May 27, 2008 if you wish to serve as a lead plaintiff. In making your decision, you should take into account that those with large financial losses resulting from the alleged federal securities law violations are given preference in being appointed lead plaintiff.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Tali Leger, Director of Shareholder Relations at The Brualdi Law Firm P.C., 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1877 or (212) 952-0602, by email to tleger@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com/
According to the complaint, the defendants made materially false and misleading statements about MoneyGram's financial results during the Class Period, some contained in SEC filings. In particular, the complaint alleges that the defendants: (a) failed to sufficiently inform the investing public about MoneyGram's risk exposure in its asset-backed securities investments; (b) failed to disclose that the Company's asset-backed securities investments were in fact permanently impaired when the credit market deteriorated; (c) misrepresented the amount of the Company's losses from the risky securities; and (d) misled investors regarding the Company's overall financial results and internal controls, among other things. As a result, investors purchased MoneyGram securities at artificially inflated prices during the Class Period and suffered damages.