STEVENSON, Md., May 20, 2015 /PRNewswire/ -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of FXCM Inc. ("FXCM" or the "Company") (NYSE: FXCM) securities during the period between June 11, 2013 and January 20, 2015, inclusive (the "Class Period"). Investors who wish to become proactively involved in the litigation have until July 7, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in FXCM securities purchased on or after June 11, 2013 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at [email protected] or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that FXCM's agency model of FX trading did not insulate it from financial risk from its heavily leveraged clients, that FXCM did not disclose the true potential risk posed by market volatility, and that FXCM did not maintain sufficient regulatory capital reserves for unforeseen scenarios.
According to the complaint, following the Company's January 16, 2015 announcement that Leucadia National Corp. would be providing a loan of $300 million in cash to FXCM to allow it to meet its regulatory-capital requirements and avoid possible bankruptcy and after suspended trading in the shares resumed, the value of FXCM shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
SOURCE Brower Piven, A Professional Corporation