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SHAREHOLDER ALERT: Wolf Haldenstein Adler Freeman & Herz LLP Announces That a Class Action Lawsuit Has Been Filed Against Investment Technology Group, Inc. in the United States District Court for the Central District of California -- ITG

20:00 EDT 6 Aug 2015 | Globe Newswire

NEW YORK, Aug. 07, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been commenced in the United States District Court for the Central District of California against Investment Technology Group, Inc. (“Investment Technology”  or  the “Company”)  (NYSE:ITG)  and certain  of  its officers. The class action is on behalf of a class consisting of all persons or entities who purchased Investment Technology securities between February 28, 2011 and July 29, 2015, inclusive (the “Class Period”).  Shareholders are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.

The Complaint  alleges  that  throughout the  Class  Period,  defendants  made materially false  and  misleading statements  to  investors and/or  failed  to disclose that:  (1)  Information Technology’s  AlterNet  Securities,  Inc. subsidiary  operated  a proprietary trading operation in 2010  through mid-2011 inside of Information Technology’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 Information Technology’s dark pool,  as well as information from Information Technology’s  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, after the close of trading, the brokerage firm 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 Information Technology said in an email to clients on July 29, 2015.

On this news, shares of Information Technology closed at $18.36, down $5.64, or 23.5%, in trading on July 30, 2015.

If you purchased Investment Technology securities during the period between February 28, 2011 and July 29, 2015, inclusive, you may, no later than October 5, 2015, request that the Court appoint you lead plaintiff of the proposed class.

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 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 “Investment Technology Group Investigation.”

Attorney Advertising. Prior results do not guarantee or predict a similar outcome.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP 
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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