NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 7, 2015 to file lead plaintiff applications in a securities class action lawsuit against FXCM Inc. (NYSE: FXCM) if they purchased the Company’s securities between June 11, 2013 through January 20, 2015, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of FXCM and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 7, 2015.
About the Lawsuit
FXCM and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
These false statements and omissions included, in part, that: (i) FXCM’s agency model of FX trading did not insulate it from financial risk from its heavily leveraged clients; (ii) FXCM did not disclose the true potential risk posed by market volatility; and (iii) FXCM did not maintain sufficient regulatory capital reserves for unforeseen scenarios.
On January 16, 2015, FXCM announced 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.
On this news, trading of the FXCM’s stock was suspended. Once the stock resumed trading, the price of FXCM’s shares plummeted.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.