SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the upcoming deadline to move for appointment as lead plaintiff in securities class litigation brought on behalf of investors who purchased the securities of Investment Technology Group, Inc. (“ITG” or the “Company”) (NYSE: ITG) between February 28, 2011 through August 3, 2015, inclusive (the “Class Period”).
If you purchased ITG securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than October 5, 2015. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
ITG investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
The actions allege that throughout the Class Period, defendants misrepresented and/or failed to disclose that between April 2010 through July 2011, ITG operated a proprietary trading pilot called “Project Omega” in concert with its dark pools, which allow anonymous trades between buyers and sellers, and used confidential customer data on those orders to make its own trades, including trades against subscribers in its POSIT dark pool.
On July 29, 2015, ITG 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 ITG may pay $20.3 million to settle the probe. Following this news, the price of ITG 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, ITG 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 ITG’s Board certain details of alleged improprieties relating to the firm’s dark pool. On August 3, 2015, ITG’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 ITG and its affiliate and released an Order that included detailed admissions of wrongdoing by ITG, 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 interest of over $250,000.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP is a nationally recognized law firm committed to advancing investor rights and promoting corporate responsibility.
For twelve years, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms, including in 2015.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit lieffcabraser.com.
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