San Diego, CA -- (SBWire) -- 02/23/2015 --An investor, who purchased shares of Xoom Corp (NASDAQ:XOOM), filed a lawsuit in the Superior Court of the State of California for the County of San Francisco over alleged violations of Federal Securities Laws by Xoom Corp in connection with the initial public offering conducted on February 14, 2013.
Investors who purchased shares of Xoom Corp (NASDAQ:XOOM) have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Xoom Corp (NASDAQ:XOOM) common stock pursuant and/or traceable to its initial public offering conducted on February 14, 2013, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that According to the lawsuit, Xoom Corp and certain of its officers and directors made false and misleading statements and failed to disclose that its internal controls were deficient.
On October 28, 2014, Xoom Corp reported its third quarter 2014 results. Xoom Corp reported that its third quarter revenue rose to $39.4 million in the third quarter 2014 while its third quarter 2014 Net Income declined to $0.4 million. Among other things, Xoom Corp also announced that its CFO will resign effectively December 1, 2014. Shares of Xoom Corp declined from $24.17 per share in early September 2014 to as low as $14.24 per share on October 29, 2014.
On January 5, 2015 Xoom Corp announced that, on December 30, 2014, Xoom Corporation determined that it had been the victim of a criminal fraud. Xoom Corp said that the incident involved employee impersonation and fraudulent requests targeting the Company's finance department, resulting in the transfer of $30.8 million in corporate cash to overseas accounts and that as a result, Xoom Corp expects to record a one-time charge of $30.8 million in its fourth quarter of 2014. Xoom Corp also said that it believes that no customer data was involved nor was any customer's money involved in this matter and the Company's systems were not impacted. Xoom Corp also announced on January 5, 2015, that its CFO Matt Hibbard resigned and that his departure "is not the result of any disagreement or dispute with the Company." Shares of Xoom Corp declined from $17.93 per share on December 30, 2014 to as low as $15.66 per share on January 6, 2015 and continued to decline to as low as $13.82 per share on February 11, 2015.
Those who purchased shares of Xoom Corp (NASDAQ:XOOM) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Xoom Corp (NASDAQ:XOOM) Investor Alert: Lawsuit Alleges False and Misleading Statements
A lawsuit was filed on behalf of investors in Xoom Corp (NASDAQ:XOOM) shares over alleged securities laws violations and NASDAQ:XOOM investors should contact the Shareholders Foundation