Kessler Topaz Meltzer & Check, LLP Announces Shareholder Class Action Against FXCM Inc. and Reminds Shareholders of Important Deadline -- FXCM
RADNOR, Pa., June 29, 2015 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action has been filed against FXCM Inc. (NYSE: FXCM) ("FXCM" or the "Company") on behalf of purchasers of the Company's common stock between June 11, 2013 and January 20, 2015, inclusive (the "Class Period"). Members of the class are reminded that they may, no later than July 7, 2015, petition the Court to be appointed as a lead plaintiff of the class.
For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/case/FXCM.
According to the Complaint, during the Class Period, FXCM and certain of its executive officers issued a series of materially false and/or misleading statements regarding the Company's business operations and the strength of its financial prospects, while concealing significant weaknesses concerning its core business. The Complaint alleges that the defendants' Class Period statements were materially false and/or misleading when made because they misleadingly omitted, among other things: (1) that the Company's agency model did not insulate the Company's customers or the Company itself from financial risk; (2) the true potential risk to the Company posed by market volatility; (3) that the Company did not maintain sufficient regulatory capital reserves; and (4) that the defendants' positive statements about the Company's business, operations, and growth lacked a reasonable basis.
On January 16, 2015, FXCM announced that it had been extended a $300 million loan by Leucadia National Corp. in order to stave off a regulatory default and possible bankruptcy. The terms of the loan were described as "highly punitive" and wiped out nearly all shareholder value in FXCM. Trading of the Company's stock was suspended until January 20, 2015. When the Company's stock resumed trading it declined nearly 90% in value, from a pre-halt closing price of $12.63 per share on January 16, 2015 to a closing price of $1.60 per share on January 20, 2015.
FXCM 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 via e-mail at [email protected]. For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/case/FXCM.
Members of the class are reminded that they may, no later than July 7, 2015, petition the Court to be appointed 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. The complaint in this action was not filed by Kessler Topaz Meltzer & Check.
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). 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
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
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