BOSTON, Aug. 12, 2015 /PRNewswire/ -- Block & Leviton
LLP (www.blockesq.com), a Boston-based law firm representing investors
nationwide, is investigating possible securities law violations by
First Investment Technology Group Inc. ("ITG" or the "Company")
(NYSE: ITG) and its officers and directors. The Company's
stock has fallen approximately 32%, representing almost
$260 million in lost shareholder
value, since it was announced that ITG would settle charges and pay
a $20.3 million fine to the
Securities and Exchange Commission (the "SEC") for so-called 'dark
pool' trading. Dark pools are electronic trading Systems,
similar to stock exchanges, where trades can be matched. The
primary difference is that the trade orders are secret, meaning
that the size and price of the orders are not revealed to the
public or even other participants in the dark pool.
On July 30, 2015 ITG announced it
was in discussions to settle SEC charges, and pay a $20.3 million fine concerning wrongdoing at ITG's
dark pool. The agreement and finalization of the settlement
with the SEC was announced today. The SEC announced that ITG earned
over $2 million by trading data mined
from its own customers without their knowledge between 2010 and
2011. The SEC is requiring ITG to disgorge those profits, over
a quarter of a million dollars in interest, and a penalty of
$18 million. The SEC claimed
that while "ITG claimed to protect the confidentiality of its dark
pool subscriber's trading information…[ITG] accessed live feeds of
order and execution information of its subscribers and used it to
implement high-frequency algorithmic trading strategies, including
one in which it traded against subscribers in ITG's dark
pool."
ITG has admitted wrongdoing to the SEC, and in the past week
removed its CEO Bob Gasser.
Block & Leviton's investigation seeks to determine whether
ITG or its officers and directors violated the federal securities
laws through the Company's actions leading up to its SEC settlement
and fine. If you purchased or otherwise acquired ITG securities
before August 12, 2015, and have
questions about your legal rights or possess information relevant
to this investigation, please contact attorney Steven Harte of Block & Leviton LLP at (617)
398-5600 or email him at Steven@blockesq.com. Confidentiality
to whistleblowers or others with information relevant to the
lawsuit is assured.
This notice may constitute attorney advertising.
Contact: BLOCK & LEVITON LLP
Steven Harte, Esq.
(617) 398-5600
Steven@blockesq.com
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SOURCE Block & Leviton LLP