HAVERFORD, Pa., March 24, 2015 (GLOBE NEWSWIRE) -- Chimicles & Tikellis LLP announces that it is investigating potential claims on behalf of investors who purchased securities of FXCM Inc. ("FXCM" or the "Company") prior to January 16, 2015, for potential violations of federal securities laws.
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FXCM is an online provider of foreign exchange trading. On January 15, 2015, the Swiss National Bank ("SNB") announced that it would be discontinuing a monetary policy instituted in 2011 that synthetically capped the value of the Swiss franc as pegged against the euro. After SNB removed the cap, the franc's value increased by 40 percent while the value of the euro plummeted.
Unexpectedly, on January 16, 2015, the Company announced that the loss in the euro's value as pegged to the franc led to "significant losses, generated negative equity balances owed to FXCM of approximately $225 million. As a result of these debit balances, the company may be in breach of some regulatory capital requirements." In reaction to this revelation, FXCM's common stock lost up to 90% of its market value in a single day, and has yet to recover this market value.
Among other things, our attorneys are investigating whether FXCM, prior to January 16, 2015, had adequately disclosed to investors certain risks of investing in FXCM common stock. If you possess information relevant to this investigation, or purchased stock in FXCM prior to January 16, 2015 and would like to discuss your legal rights and options, please contact attorney Catherine Pratsinakis, Esq. by telephone at (610)649-1497 or by email at cp@chimicles.com.
For over 30 years Chimicles & Tikellis has pursued hundreds of securities, consumer and shareholder rights cases and recovered billions of dollars for their clients. The firm is nationally recognized, and their litigators hold many professional honors and distinctions.
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