ITG ALERT: National Securities Law Firm Announces Investigation of Potential Securities Claims Against Investment Technology Group, and Encourages Investors With Losses to Contact Law Firm for More Information
July 30, 2015
New York, New York
Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating potential securities claims on behalf of investors of Investment Technology Group Inc. (NYSE: ITG) resulting from allegations that Investment Technology Group may have issued materially misleading business information to the investing public.
On July 29, 2015. Investment Technology Group (“ITG”) said it set aside $20.3 million for a probable settlement with the U.S. Securities and Exchange Commission (“SEC”) over rule violations related to its private stock trading venue. The settlement would be a record amount handed out by the SEC related to the operation of a private stock trading platform, or “dark pool.” ITG said the SEC was investigating a test program one of the firm’s subsidiaries ran from 2010 until mid-2011 that involved proprietary trading inside of ITG’s POSIT dark pool against some of its broker clients that the firm did not disclose.
ITG disclosed the information in an earnings pre-announcement after the market closed on July 29, 2015 and also in letter to its clients. In the letter, ITG Chief Executive Officer Bob Grasser said that “In hindsight, I recognize that our client disclosures about the pilot were insufficient…. I take full responsibility for these historical mistakes.”
In addition, on July 23, 2015, Kevin J.P. O’Hara resigned from ITG’s Board of Directors effective immediately.
As a result of this announcement, ITG’s stock has fallen considerably; falling $5.65 or 23.54% during intraday trading to trade at $18.35 on July 30, 2015.
If you purchased shares of ITG and have suffered a loss from your investment in ITG common stock and would like to learn more about this investigation, including your ability to potentially recover your losses, please contact us toll free at 1-800-511-7037 or contact us via our website.
Tripp Levy PLLC represents individual and institutional shareholders in mergers and acquisitions transactions and, along with its affiliate, has recovered billions of dollars for shareholders in securities actions around the globe. Tripp Levy PLLC is affiliated with the law firm Milberg LLP. The National Law Journal has named Milberg one of the “50 Elite Trial Lawyer Firms” and one of the “50 Leading Plaintiff Firms in America.” Attorney advertising. Prior results do not indicate a similar outcome.