The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Xoom Corp (NASDAQ:XOOM) shares was launched over potential breaches of fiduciary duties by certain officers and directors at Xoom.
Investors who purchased shares of Xoom Corp (NASDAQ:XOOM) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Xoom officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
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 $15.08 per share on January 13, 2015.
On January 20, 2015, NASDAQ:XOOM shares closed at $15.60 per share.
Those who purchased shares of Xoom Corp (NASDAQ:XOOM), have certain options and should contact the Shareholders Foundation.
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