RADNOR, Pa., Aug. 18, 2015 /PRNewswire/ -- The law firm
of Kessler Topaz Meltzer & Check, LLP announces that a
shareholder class action complaint has been filed against
Investment Technology Group, Inc. (NYSE: ITG) ("ITG" or the
"Company") on behalf of purchasers of the Company's securities
between February 28, 2011 and
July 29, 2015, inclusive (the
"Class Period").
For additional information about this lawsuit, or to request
information about this action online, please visit
http://www.ktmc.com/new-cases/investment-technology-group-inc.
ITG shareholders who wish to discuss this action and their legal
options are encouraged to contact Kessler Topaz Meltzer &
Check, LLP (Darren J. Check, Esq.,
D. Seamus Kaskela, Esq. or
Adrienne O. Bell, Esq.) at (888)
299-7706 or at info@ktmc.com.
ITG is an independent execution and research broker in
the United States, Canada, Europe, and the Asia
Pacific regions. One of the Company's principal
subsidiaries, AlterNet Securities, Inc. ("AlterNet"), is a U.S.
broker-dealer.
The shareholder class action alleges that, throughout the Class
Period, ITG and certain of its executive officers issued a series
of materially false and misleading statements and/or failed to
disclose that: (1) ITG's AlterNet subsidiary operated a proprietary
trading operation in 2010 through mid-2011 inside of ITG's POSIT
dark pool, a private stock trading platform, against some of its
broker clients; (2) the proprietary trading operation used
information from customer stock orders within ITG's dark pool, as
well as information from ITG clients that used the firm's
algorithms to execute trades on other trading platforms, which
should not have been available; and (3) as a result of the
foregoing, the company's public statements were materially false
and misleading at all relevant times.
On July 29, 2015, ITG issued a
press release announcing that it "had commenced settlement
discussions" with the Securities and Exchange Commission ("SEC") to
resolve an SEC investigation into, among other things, ITG's
customer disclosures, regulatory filings and customer information
controls. The press release further disclosed that "ITG has
negotiated a potential settlement" of the investigation, and that
the Company had "reserved $20.3
million for a probable settlement with the SEC."
On this news, shares of ITG's stock fell $5.46 per share, or over 23%, to close at
$18.36 per share on July 30, 2015, on unusually heavy trading
volume.
Members of the class may, no later than October 5, 2015, petition the Court for
appointment as a lead plaintiff of the class. A lead
plaintiff is a representative party who acts on behalf of other
class members in directing the litigation. In order to be
appointed as a lead plaintiff, the Court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class in the action. Your ability to share in any recovery is
not affected by the decision of whether or not to serve as a lead
plaintiff. Any member of the purported class may move the
court to serve as lead plaintiff through counsel of their choice,
or may choose to do nothing and remain an absent class
member.
Kessler Topaz Meltzer & Check prosecutes class actions in
state and federal courts throughout the country. Kessler
Topaz Meltzer & Check is a driving force behind corporate
governance reform, and has recovered billions of dollars on behalf
of institutional and individual investors from the United States and around the world.
The firm represents investors, consumers and whistleblowers
(private citizens who report fraudulent practices against the
government and share in the recovery of government dollars).
The complaint in this action was not filed by Kessler Topaz Meltzer
& Check. For more information about Kessler Topaz Meltzer &
Check, or for additional information about participating in this
action, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
info@ktmc.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholder-class-action-filed-against-investment-technology-group-inc----itg-300129965.html
SOURCE Kessler Topaz Meltzer & Check, LLP