INVESTMENT TECHNOLOGY GROUP FRAUD ALERT – Andrews & Springer LLC Announces That a Securities Fraud Class Action Has Been Filed by a Law Firm Against Investment Technology Group, Inc. - ITG
WILMINGTON, Del., Dec. 07, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a securities fraud class action lawsuit has been filed on behalf of investors of Investment Technology Group, Inc. (NYSE:ITG) (“Investment Technology Group” or the “Company”) by another law firm in the U.S. District Court, Central District of California, for possible corporate misconduct and violations of securities laws.
A copy of the complaint is available from Andrews & Springer LLC. If you currently own shares of Investment Technology Group and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/investment-technology-group-class-action or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – https://www.linkedin.com/company/andrews-&-springer-llc, Twitter – http://www.twitter.com/AndrewsSpringer or Facebook - http://www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit alleges that defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) Investment Technology Group’s AlterNet Securities, Inc. 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, also known as “Project Omega,” 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, Investment Technology Group announced that it was in settlement discussions with the Securities and Exchange Commission (the “SEC”) relating to the SEC’s investigation of Project Omega and that Investment Technology Group may pay $20.3 million to settle the probe. Following this news, the price of Investment Technology Group common stock fell $5.64 per share, or 23.5%, to close at $18.36 per share on July 30, 2015.
On August 3, 2015, Investment Technology Group announced that it was replacing its Chief Executive Officer (“CEO”) and its General Counsel. The Wall Street Journal reported that the CEO’s departure was related to his failure to disclose to Investment Technology Group’s Board certain details of alleged improprieties relating to the firm’s dark pool. On August 3, 2015, Investment Technology Group’s share price declined $0.84 per share, or approximately 4.1%, to close at $19.51 per share.
On August 12, 2015, the SEC announced its settlement with Investment Technology Group and its affiliate and released an Order that included detailed admissions of wrongdoing by Investment Technology Group, and imposed a civil penalty in the amount of $18,000,000 – the largest civil penalty to date assessed by the SEC against an Alternative Trading System – in addition to over $2 million in disgorgement of total proprietary revenues generated by Project Omega and pre-judgment.
As a result of the foregoing news, on August 5, 2015, an Investment Technology Group shareholder represented by another law firm filed a class action complaint against Investment Technology Group for securities fraud. The complaint was filed in the United States District Court, Central District of Pennsylvania, Case No. 2:15-cv-05921.
If you currently own shares of Investment Technology Group and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/investment-technology-group-class-action or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – https://www.linkedin.com/company/andrews-&-springer-llc, Twitter – http://www.twitter.com/AndrewsSpringer or Facebook - http://www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
Contact:
Craig J. Springer, Esq.
cspringer@andrewsspringer.com
Toll Free: 1-800-423-6013
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