NEW YORK, Dec. 12, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who sold GFI Group Inc. ("GFI" or the "Company") common stock (Symbol: GFIG) on the New York Stock Exchange ("NYSE") during the period between July 30, 2014 and September 8, 2014. The deadline to move for Lead Plaintiff status is January 26, 2015.
On July 30, 2014, GFI announced that it had entered into an acquisition agreement with CME Group, Inc. ("CME") under which, CME would acquire all outstanding shares of GFI stock. In return, each share of GFI would be exchanged for $4.55 worth of CME Class A stock, placing a value of $580 million on GFI's equity. CME would also immediately sell the Company's over-the-counter and exchange listed derivatives brokerage and trade execution service business for $165 million in cash, plus assumption of $63 million in related liabilities. CME would retain GFI's auxiliary analytics software business.
The complaint alleges that defendants issued material misrepresentations and failed to disclose to investors material facts indicating that the Company had received superior offers and inquiries from third party purchasers interested in acquiring GFI. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) prior to announcing the proposed acquisition with CME, GFI had received superior offers and/or inquiries from other interested third parties, including BGC Partners, Inc.; and (2) the CME offer did not optimize GFI's value for stockholders and did not represent a singular and unique opportunity to return value. Defendants withheld this material, nonpublic information from, and otherwise misled investors, so that defendants could pursue and personally profit from a sweetheart deal with CME.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the "GFI Group investigation."
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