NEW YORK, Aug. 3, 2015 /PRNewswire/ -- Wolf Popper LLP is investigating potential securities fraud claims on behalf of investors in Investment Technology Group Inc. securities (NYSE: ITG). ITG investors can contact Fei-Lu Qian at 877.370.7703 or email@example.com for more information.
On July 29, 2015, after the market closed, ITG revealed that it was in settlement discussions with the SEC concerning how it operated a private stock trading venue commonly known as a dark pool. Specifically, the SEC's investigation focused on the lack of disclosure by the Company to its clients that it was trading against client orders within its dark pool. Based on the terms of the potential settlement, ITG would pay an aggregate amount of $20.3 million representing a civil penalty of $18 million, disgorgement of approximately $2.1 million in trading revenues and prejudgment interest of approximately $250,000.
In a letter to the Company's clients, ITG CEO revealed, "In hindsight, I recognize that our client disclosures about the pilot were insufficient."
On this news, ITG shares plummeted $5.64 per share or 23.5%, to close at $18.36 per share on July 30, 2015.
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