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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of April 4, 2019 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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November 5, 2018 - The court preliminarily approved the settlement.
August 8, 2018 - A stipulation of settlement was filed by the parties.
April 26, 2017 - The court granted in part and denied in part defendants' motion to dismiss.
May 2, 2016 - A motion to dismiss the amended consolidated complaint was filed.
December 14, 2015 - An amended consolidated complaint was 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.