NEW YORK, Jan. 14, 2014 /PRNewswire/ --Pomerantz LLP is investigating claims on behalf of investors of The Western Union Company ("Western Union" or the "Company") (NYSE: WU). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether Western Union and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. On October 30, 2012, the Company disclosed disappointing third quarter 2012 financial results and reduced its 2012 revenue, operating margin and earnings per share outlook, blaming the Company's disastrous results and outlook in large part on the implementation of new system requirements in its Mexican operations required to comply with the Southwest Border Agreement. As a result of the new requirements, the Company was forced to terminate its relationship with 40% of its Mexican locations, as many of its agents were unable to meet the new heightened standards, and the disruption in the Company's Mexican locations further caused a disruption in Western Union's Latin American operations.
On this news, shares of Western Union fell $5.20 per share to $12.73, or more than 29.00%, on October 31, 2012.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz LLP
