PHILADELPHIA, July 02, 2025 (GLOBE NEWSWIRE) -- A federal securities fraud class action alleging that Virtu Financial Inc. (NYSE: VIRT), and certain of its officers failed to make proper disclosures to investors has survived a motion to dismiss and the Securities and Exchange Commission action against Virtu has reached a tentative settlement.

Virtu shareholders who have continuously held Virtu shares since prior to November 7, 2018, can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to them whatsoever. Learn more or join by clicking https://grabarlaw.com/the-latest/Virtu-shareholder-investigation/, contact Joshua H. Grabar at jgrabar@grabarlaw.com, or call 267-507-6085.

WHY: Key allegations of an underlying federal securities fraud class action complaint have survived Defendants’ motion to dismiss the complaint. That complaint alleges that Virtu Financial Inc. (NYSE: VIRT), via certain of its officers and directors, made false and/or misleading statements and/or failed to disclose that: (i) the Company maintained deficient policies and procedures with respect to its information access barriers; (ii) accordingly, Virtu had overstated the Company’s operational and technological efficacy as well as its capacity to block the exchange of confidential information between departments or individuals within the Company; (iii) the foregoing deficiencies increased the likelihood that the Company would be subject to enhanced regulatory scrutiny; and (iv) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

According to the Court’s Order, "essentially anyone at Virtu, including its proprietary traders" could directly access this material non-public information from at least January 2018 through April 2019, and to do so, Virtu traders only needed to use a "widely known and frequently shared username and password."

"The court concludes that plaintiff's 'inference of scienter,' [inference that defendants knew their statements or omissions were false or misleading or acted with reckless disregard for the truth] supported by circumstantial evidence of defendants' reckless failure to inform its investors about the FS Database issue, is 'cogent and at least as compelling as' defendants' opposing inference that they identified the FS Database issue, rectified it, and self-reported it to the SEC, while continuously updating the market on the fact of and substance of the resultant SEC investigation."

On July 1, 2025, The U.S. Securities and Exchange Commission and Virtu Financial Inc. told a New York federal judge they have struck a tentative deal to end a lawsuit accusing the broker-dealer of failing to adequately protect customer data.

The parties said in a joint letter to U.S. District Judge John Koeltl that "settlement terms were identified that are acceptable to the defendants and that the SEC staff are prepared to recommend that the Commission accept . . . . We respectfully submit this joint letter to inform the court that the parties have been productively engaged in settlement discussions and anticipate that they will be able to reach a final agreement in the near future.”

WHAT YOU SHOULD DO NOW: If you are a current Virtu (NYSE: VIRT) shareholder who has held Virtu stock since on or before November 7, 2018, you can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to you. If you would like to learn more about this matter, you are encouraged visit https://grabarlaw.com/the-latest/Virtu-shareholder-investigation/, contact Joshua H. Grabar at jgrabar@grabarlaw.com or call 267-507-6085. $VIRT #VirtuFinancial

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Email: jgrabar@grabarlaw.com