ITG—INVESTMENT TECHNOLOGY GROUP INVESTORS ALERT: Lieff Cabraser Announces Securities Class Action Litigation
August 14 2015 - 9:00AM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been brought on behalf
of investors who purchased the securities of Investment Technology
Group, Inc. (“ITG” or the “Company”) (NYSE:ITG) between February
28, 2011 through August 3, 2015, inclusive (the “Class
Period”).
If you purchased ITG securities during the Class Period, you may
move the Court for appointment as lead plaintiff by no later than
October 5, 2015. A lead plaintiff is a representative party who
acts on behalf of other class members in directing the litigation.
Your share of any recovery in the action will not be affected by
your decision of whether to seek appointment as lead plaintiff. You
may retain Lieff Cabraser, or other attorneys, as your counsel in
the actions.
ITG investors who wish to learn more about the actions and how
to seek appointment as lead plaintiff should click here or contact
Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the ITG Securities Class
Litigation
The actions charge ITG and certain of its senior executives with
violations of Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934. ITG, headquartered in New York, New York, describes
itself as “an independent execution and research broker that
partners with global portfolio managers and traders to provide
unique data-driven insights throughout the investment process.”
The actions allege that throughout the Class Period, defendants
issued materially false and misleading statements and failed to
disclose material adverse facts concerning ITG’s POSIT network, an
Alternative Trading System or “dark pool.” Specifically, defendants
allegedly misrepresented and/or failed to disclose that between
April 2010 through July 2011, ITG operated a proprietary trading
pilot called “Project Omega” in concert with its dark pools, which
allow anonymous trades between buyers and sellers, and used
confidential customer data on those orders to make its own trades,
including trades against subscribers in its POSIT dark pool.
On July 29, 2015, ITG announced that it was in settlement
discussions with the Securities and Exchange Commission (the “SEC”)
relating to the SEC’s investigation of Project Omega and that ITG
may pay $20.3 million to settle the probe. Following this news, the
price of ITG common stock fell $5.64 per share, or 23.5%, to close
at $18.36 per share on July 30, 2015.
On August 3, 205, ITG announced that it was replacing its Chief
Executive Officer (“CEO”) and its General Counsel. The Wall Street
Journal reported that the CEO’s departure was related to his
failure to disclose to ITG’s Board certain details of alleged
improprieties relating to the firm’s dark pool. On August 3, 2015,
ITG’s share price declined $0.84 per share, or approximately 4.1%,
to close at $19.51 per share.
On August 12, 2015, the SEC announced its settlement with ITG
and its affiliate and released an Order that included detailed
admissions of wrongdoing by ITG, and imposed a civil penalty in the
amount of $18,000,000 – the largest civil penalty to date assessed
by the SEC against an Alternative Trading System – in addition to
over $2 million in disgorgement of total proprietary revenues
generated by Project Omega and pre-judgment interest of over
$250,000.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, and Nashville, is a nationally recognized law
firm committed to advancing the rights of investors and promoting
corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for twelve years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms “representing the
best qualities of the plaintiffs' bar and that demonstrated unusual
dedication and creativity.” Best Lawyers and U.S. News have named
Lieff Cabraser as a “Law Firm of the Year” for each year the
publications have given this award to law firms, including in
2015.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20150814005059/en/
Source/Contact for Media Inquiries
Only:Lieff Cabraser Heimann & Bernstein, LLPSharon M.
Lee, 1-800-541-7358
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