NEW YORK, NY / ACCESSWIRE / August 12, 2015 / Pomerantz LLP announces that a class action lawsuit has been filed against Investment Technology Group, Inc. ("Investment Technology" or the "Company") (NYSE: ITG) and certain of its officers. The class action, filed in United States District Court, Central District of California, is on behalf of a class consisting of all persons or entities who purchased Investment Technology securities between February 28, 2011 and July 29, 2015 inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Investment Technology securities during the Class Period, you have until October 5, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Investment Technology Group, Inc. operates as an independent execution and research broker in the United States, Canada, Europe, and the Asia Pacific regions. It offers trade execution services and solutions for portfolio management, investment research, pre-trade analytics, and post-trade analytics and processing.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements to investors and/or failed to disclose that: (1) ITG's AlterNet Securities, Inc. subsidiary operated a proprietary trading operation in 2010 through mid-2011 inside of ITG's POSIT dark poll, a private stock trading platform, against some of its broker clients; (2) the proprietary trading operation 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, post-market, the brokerage announced that it is in talks to settle allegations that its equity dark pool ran afoul of U.S. regulations and may pay a record penalty of $20.3 million to the Securities and Exchange Commission. "In hindsight, I recognize that our client disclosures about the pilot were insufficient," Bob Gasser, chief executive of ITG said in an email to clients on Wednesday.
On this news, shares of ITG have fallen as much as 5.83, or 24.3%, in intraday trading on July 30, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
