Shareholder Class Action Filed Against Investment Technology Group, Inc. -- ITG

Aug 18, 2015, 10:48 ET from Kessler Topaz Meltzer & Check, LLP

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

 

SOURCE Kessler Topaz Meltzer & Check, LLP



RELATED LINKS

http://www.ktmc.com