Investment Technology Group (NYSE: ITG) Investor Securities Class Action Lawsuit 08/05/2015

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Company Name(s): 
Investment Technology Group
Case Name: 
Investment Technology Group Shareholder Class Action Lawsuit 08/05/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
NYSE: ITG
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/05/2015
Class Period Begin: 
02/28/2011
Class Period End: 
08/03/2015
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
10/05/2015
Date Settled: 
11/05/2018
Settlement Amount: 
$18,000,000
Deadline to Participate in Settlement: 
04/04/2019
Summary: 

November 5, 2018 - The court preliminarily approved the settlement.

August 8, 2018 - Parties filed a stipulation of settlement.

April 26, 2017 - The court granted in part and denied in part defendants' motion to dismiss.

May 2, 2016 - Defendants filed a motion to dismiss.

December 14, 2015 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Investment Technology Group (NYSE: ITG) common shares between February 28, 2011 and August 3, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 28, 2011 and August 3, 2015.

October 15, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

October 5, 2015 - Lead plaintiff motions were filed.

August 5, 2015 - An investor in shares of Investment Technology Group (NYSE: ITG) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Investment Technology Group in connection with certain allegedly false and misleading statements made between February 28, 2011 and July 29, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Investment Technology Group (NYSE: ITG) common shares between February 28, 2011 and July 29, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 28, 2011 and July 29, 2015 defendants issued allegedly materially false and misleading statements to investors and/or failed to disclose that Investment Technology Group’s AlterNet Securities, Inc. subsidiary operated a proprietary trading operation in 2010 through mid-2011 inside of Investment Technology Group's POSIT dark pool, a private stock trading platform, against some of its broker clients, that the proprietary trading operation used information from customer stock orders within Investment Technology Group's dark pool, as well as information from Investment Technology Group clients that used the firm's algorithms to execute trades on other trading platforms, which should not have been available, and that as a result of the foregoing, Investment Technology Group’s public statements were materially false and misleading at all relevant times.

Investment Technology Group reported that its annual Total Revenue rose from $504.44 million in 2012 to $559.81 million in 2014 and that its Net Loss of $247.86 million in 2012 turned into a Net Income of $50.89 million in 2014.Shares of Investment Technology Group (NYSE: ITG) grew from $7.86 per share in November 2012 to as high as $31.64 per share in April 2015.

On July 29, 2015, Investment Technology Group announced that it negotiated a potential settlement with Securities and Exchange Commission (“SEC”) related to how it ran its private stock trading venue or “dark pool.” Based on the terms of the potential settlement, Investment Technology Group would pay an aggregate amount of $20.3 million, which represents a civil penalty of $18 million, disgorgement of approximately $2.1 million in trading revenues and prejudgment interest of approximately $250,000. Shares of Investment Technology Group (NYSE: ITG) declined on July 30, 2015, to as low as $17.84 per share, respectivelty $17.05 per share on August 5, 2015.