The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) between September 4, 2009 through at least 2014, FXCM's U.S. subsidiary were engaged in false and misleading solicitations of its retail foreign exchange customers by hiding its relationship with its most important market maker and by misrepresenting that its "No Dealing Desk" platform had no conflicts of interest with its customers; (2) FXCM's U.S. subsidiary made false statements to the National Futures Association about its relationship with the market maker; and (3) consequently, Defendants' statements regarding FXCM's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On February 6, 2017, the Commodities Futures Trading Commission ("CFTC") found that FXCM was engaged in false and misleading solicitations of its retail foreign exchange customers by hiding its relationship with FXCM's most important market maker and the fact that the Company's "No Dealing Desk" platform had conflicts of interest with FXCM's customers. Due to the above, CFTC barred FXCM from operating in the United States. Following this news, FXCM stock dropped $3.40 per share, or 50%, to close at $3.45 on February 7, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/fxcm or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in FXCM you have until April 10, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
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