GPM Announces the Filing of a Securities Class Action on Behalf of Investment Technology Group, Inc. Investors
August 24 2015 - 11:06AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces the filing of
a class action lawsuit on behalf of investors of Investment
Technology Group, Inc. (“Investment Technology Group” or the
“Company”) (NYSE:ITG) who purchased shares between February 28,
2011 through July 29, 2015 inclusive (the “Class Period”).
Investment Technology Group investors have until October 5,
2015 to file a lead plaintiff motion.
On July 29, 2015, after the market close, the Company announced
that it would incur significant expenses associated with settling
SEC claims that a market-making unit run by Investment Technology
Group in 2010 and 2011 traded using information not available to
other customers of Investment Technology Group’s private
stock-trading systems. The Company announced that, “ITG reserved
$20.3 million for a probable settlement with the SEC and incurred
$2.3 million in legal and other related costs associated with this
matter during the second quarter of 2015,” and that a Company board
member had resigned effective immediately. On this news shares of
Investment Technology Group dropped significantly, over $5 per
share or over 21%, during intraday trading on July 30, 2015.
The Complaint alleges that Investment Technology Group misled
investors by failing to adequately disclose that (1) Investment
Technology Group’s AlterNet Securities, Inc. subsidiary operated a
proprietary trading operation in 2010 through mid-2011 inside of
Investment Technology Group'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 Investment Technology Group's dark pool, as well as
information from Investment Technology Group clients that used the
firm's algorithms to execute trades on other trading platforms,
which should not have been available.
If you purchased shares of Investment Technology Group during
the Class Period, have information or would like to learn more
about these claims, or have any questions concerning this
announcement or your rights or interests with respect to these
matters, please contact Casey Sadler, of GPM, 1925 Century Park
East, Suite 2100, Los Angeles, California 90067 at 310-201-9150,
Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com. If you inquire by
email please include your mailing address, telephone number and
number of shares purchased.
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/20150824005682/en/
Glancy Prongay & Murray, Los AngelesCasey Sadler,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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