February 12, 2015
Bernstein Liebhard LLP today announced that it is investigating possible breaches of fiduciary duties by certain senior executives and members of the Board of Directors of Xoom Corporation (“Xoom” or “the Company”) (NASDAQ: XOOM).
On January 5, 2015, Xoom announced that a criminal fraud had taken place at the Company, whereby $30.8 million in corporate cash was illegal transferred to overseas accounts.
The investigation centers on whether Xoom’s executives and directors breached their fiduciary duties to and harmed the Company by: (i) failing to disclose in the Company’s registration statement and prospectus that Xoom’s internal controls were so deficient that millions of dollars in corporate cash could be fraudulently transferred and stolen without the Company’s knowledge; and (ii) failing to implement the internal controls necessary to prevent the fraudulent transfer of corporate cash.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.