ITG ALERT: Shareholder Rights Law Firm Johnson & Weaver, LLP Reminds Shareholders of Investment Technology Group, Inc. Class ...
August 28 2015 - 9:01PM
Business Wire
Shareholder rights law firm Johnson & Weaver, LLP reminds
investors that they have until October 5, 2015 to file a motion
seeking to be appointed lead plaintiff against Investment
Technology Group Inc. (NYSE: ITG). ITG operates as an independent
execution and research broker. It offers trade execution services
and solutions for portfolio management, investment research,
pre-trade analytics and post-trade analytics and processing.
If you purchased ITG securities between February 28, 2011 and
August 3, 2015 (the "Class Period") we encourage you to contact
Johnson & Weaver (jimb@johnsonandweaver.com). The case is
pending in the United States District Court for the Southern
District of New York.
Additional Information about the Lawsuit:
The complaint alleges that during the Class Period, ITG's
subsidiary, AlterNet Securities, Inc., ran a proprietary trading
operation from 2010 through mid-year 2011 inside of IGT's POSIT, an
Alternative Trading System or “dark pool.”
Additionally, the complaint accuses the Company of knowing that
the proprietary trading operation used information from customer
stock orders within ITG's dark pool, as well as information from
clients that used the firm's algorithms to execute trades on other
trading platforms.
These actions and conflicts of interests came to light on July
29, 2015 when ITG issued a press release announcing the underlying
misconduct of its employees and subsidiaries. After the disclosure,
ITG's stock price fell over 23%, or $5.64 per share, to close at
$18.36 on July 30, 2015.
Subsequently, on August 4, 2015, ITG's CFO announced that the
Company would report a material amount of legal fees due to
regulatory investigation into the Company's conduct. After this
revelation, ITG's share price fell over 5.00%, to close at $18.48
per share in the next trading session.
On August 12, 2015, the SEC announced a 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 million and other fines/interest exceeding $2
million.
Plaintiff seeks to recover damages on behalf of all purchasers
of ITG securities during the Class Period. If you wish to serve as
a lead plaintiff, you must move the Court no later than October 5,
2015. Any member of the putative 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.
If you wish to discuss this action, have any questions
concerning this notice, or your rights or interests, please contact
lead analyst Jim Baker (jimb@johnsonandweaver.com) at
619-814-4471. If you email, please include your phone
number.
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New York and Georgia.
The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For
more information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150828005758/en/
Johnson & Weaver, LLPJim Baker,
619-814-4471jimb@johnsonandweaver.com
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