Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, announces the commencement of an investigation into Xoom Corporation (NASDAQ:XOOM) (“Xoom”) related to potential violations of federal securities laws. If you are a Xoom shareholder, you are encouraged to contact Scott+Scott for additional information.
Xoom (NASDAQ:XOOM) is a digital money transfer company based in San Francisco. Xoom provides digital consumer-to-consumer online money transfers services in the United States and internationally.
On February 15, 2013, Xoom conducted an Initial Public Offering of its securities at $16 per share. Then, on September 11, 2013, Xoom conducted a Secondary Public Offering of its securities at $30.50 per share.
On January 5, 2015, Xoom announced it had determined that it had been the victim of a criminal fraud involving 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. As a result, Xoom expected to record a one-time charge of $30.8 million in its fourth quarter of 2014. Xoom separately announced the immediate resignation of its CFO, who had served the Company for one month. Following this news, Xoom’s share price declined, damaging investors.
What You Can Do
If you are a Xoom shareholder and you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joseph Halloran at (800) 404-7770 or (646) 582-0121 or at or jhalloran@scott-scott.com.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide.
Contacts:
Joseph V. Halloran,
646-582-0121
jhalloran@scott-scott.com
