Scott+Scott, Attorneys at Law, LLP Files Securities Class Action Against FXCM Inc.
May 08 2015 - 6:39PM
Scott+Scott, Attorneys at Law, LLP filed a class action complaint
in the United States District Court for the Southern District of
New York on behalf of all purchasers of FXCM Inc.’s (“FXCM” or the
“Company”) common stock between June 11, 2013 and January 20, 2015,
inclusive. The action seeks remedies under the Securities
Exchange Act of 1934.
FXCM provides online foreign exchange (“FX”)
trading and related services to retail and institutional customers
worldwide. The Company acts as an agent between retail
customers and a collection of global banks and financial
institutions by making foreign currency markets for customers
trading in foreign exchange spot markets. FXCM provides its
customers access to over-the-counter FX markets through its
proprietary technology platform.
The complaint alleges that the Company issued
materially false and/or misleading statements regarding the
Company’s business operations and the strength of its financial
prospects, while concealing significant weaknesses concerning its
core business. According to the complaint, the truth was
that: (1) the Company’s agency model did not insulate the Company
from financial risk from its heavily leveraged clients; (2) the
Company did not disclose the true potential risk posed by market
volatility; (3) the Company did not maintain sufficient regulatory
capital reserves; and (4) the Defendants’ positive statements about
the Company’s business, operations, and growth lacked a reasonable
basis.
You can view a copy of the complaint here: Case
Summary and Complaint
If you purchased FXCM stock during this time
period and wish to serve as a lead plaintiff in the action, you
must move the Court no later than July 7, 2015. Any member of
the class may move the Court to serve as lead plaintiff through
counsel of its choice or may choose to do nothing and remain an
absent class member. If you wish to discuss this action or
have questions concerning this notice or your rights, please
contact Scott+Scott (scottlaw@scott-scott.com, (800) 404-7770,
(860) 537-5537) or visit the Scott+Scott website for more
information: http://www.scott-scott.com.
There is no cost or fee to you.
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.
Michael Burnett
Scott+Scott, Attorneys at Law, LLP
(800) 404-7770
(860) 537-5537
scottlaw@scott-scott.com, or
mburnett@scott-scott.com
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