||Virtu Financial, Inc.
||United States District Court for the Eastern District of New York
||The Hon. Nicholas Garaufis
||March 1, 2019 and April 28, 2023
Virtu investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than July 18, 2023 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Virtu Financial, Inc. ("Virtu") (NASDAQ: VIRT) securities between March 1, 2019 and April 28, 2023, both dates inclusive (the “Class Period”).
Virtu is a financial services company whose product suite includes offerings in execution, liquidity sourcing, analytics and broker-neutral, and multi-dealer platforms in workflow technology. As part of its operations, Virtu claims to have established information access barriers, or separations between different departments or individuals designed to block the exchange of confidential information and prevent conflicts of interest.
Throughout the Class Period, however, Defendants made false and/or misleading statements and/or failed to disclose that the company maintained deficient policies and procedures with respect to its information access barriers, and that, as a result, Virtu had overstated the company’s operational and technological efficacy as well as its capacity to block the exchange of confidential information between departments or individuals within the company.
On February 17, 2023, after the market closed, Virtu published its full year 2022 financial results, and revealed that Virtu had been responding to requests for information from the SEC in connection with an investigation of Virtu’s information access barriers. Following this news, Virtu’s stock price fell $0.32, or 1.6%, to close at $19.69 per share on February 21, 2023.
Then, on April 28, 2023, Virtu released its first quarter 2023 financial results, once again stating that it had been in contact with the SEC, and that it may receive a Wells Notice from the SEC which would be expected to allege violations of federal securities laws with respect to the company’s information barriers policies and procedures for a specified time period in and around January 2018 to April 2019 and related statements made by the company during such period.
On May 1, 2023, The Wall Street Journal published an article reporting that a Virtu spokesperson stated that the investigation was “primarily focused on an access controls weakness in one of [Virtu’s] internal back office systems containing post trade information that theoretically could allow certain system users access greater than what was intended by our policies.”
Following this news, Virtu’s stock price fell $1.13, or 5.7%, over two consecutive trading days to close at $18.77 per share on May 3, 2023.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at email@example.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.