NEW YORK, Aug. 7, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan 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 in the United States District Court, Central District of California, on behalf of all persons or entities who purchased Investment Technology securities between February 28, 2011 and July 29, 2015 inclusive (the "Class Period").
If you purchased Investment Technology securities during the Class Period, you may, no later than October 5, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the Investment Technology Shareholder Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
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 pool, 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.
Following this news, shares of ITG fell $5.83, more than 24% in intraday trading on July 30, 2015.
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