WAYNE, Pa., Aug. 10, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of common stock of Investment Technology Group Inc. ("ITG" or the "Company") (NYSE: ITG) between February 28, 2011 and July 29, 2015, inclusive (the "Class Period").
ITG shareholders may, no later than October 5, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of ITG and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/itg.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements to investors and/or failed to disclose that: (1) Information Technology's AlterNet Securities, Inc. subsidiary operated a proprietary trading operation in 2010 through mid-2011 inside of Information Technology'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 Information Technology's dark pool, as well as information from Information Technology's 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, after the close of trading, the brokerage firm announced that it is in talks to settle allegations that its equity dark pool ran afoul of U.S. regulations and may pay a record penalty of $20.3 million to the Securities and Exchange Commission. "In hindsight, I recognize that our client disclosures about the pilot were insufficient," Bob Gasser, chief executive of Information Technology said in an email to clients on July 29, 2015.
On this news, shares of Information Technology closed at $18.36, down $5.64, or 23.5%, in trading on July 30, 2015.
If you are a member of the class, you may, no later than October 5, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
SOURCE Ryan & Maniskas, LLP