LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces the filing of a class action lawsuit on behalf of investors of Investment Technology Group, Inc. (“Investment Technology Group” or the “Company”) (NYSE:ITG) who purchased shares between February 28, 2011 through July 29, 2015 inclusive (the “Class Period”). Investment Technology Group investors have until October 5, 2015 to file a lead plaintiff motion.
On July 29, 2015, after the market close, the Company announced that it would incur significant expenses associated with settling SEC claims that a market-making unit run by Investment Technology Group in 2010 and 2011 traded using information not available to other customers of Investment Technology Group’s private stock-trading systems. The Company announced that, “ITG reserved $20.3 million for a probable settlement with the SEC and incurred $2.3 million in legal and other related costs associated with this matter during the second quarter of 2015,” and that a Company board member had resigned effective immediately. On this news shares of Investment Technology Group dropped significantly, over $5 per share or over 21%, during intraday trading on July 30, 2015.
The Complaint alleges that Investment Technology Group misled investors by failing to adequately disclose that (1) Investment Technology Group’s AlterNet Securities, Inc. subsidiary operated a proprietary trading operation in 2010 through mid-2011 inside of Investment Technology Group'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 Investment Technology Group's dark pool, as well as information from Investment Technology Group clients that used the firm's algorithms to execute trades on other trading platforms, which should not have been available.
If you purchased shares of Investment Technology Group during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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