Virtu Financial, Inc. Class Action Lawsuit - VIRT
Case Summary
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The Virtu Financial class action lawsuit seeks to represent purchasers or acquirers of Virtu Financial, Inc. (NASDAQ: VIRT) securities between March 1, 2019 and April 28, 2023, inclusive (the “Class Period”). Captioned Hiebert v. Virtu Financial, Inc., No. 23-cv-03770 (E.D.N.Y.), the Virtu Financial class action lawsuit charges Virtu Financial and several of its current and former top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Virtu Financial class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Virtu Financial class action lawsuit must be filed with the court no later than July 18, 2023.
CASE ALLEGATIONS: Virtu Financial is a financial services company that provides product offerings in execution, liquidity sourcing, analytics and broker-neutral, and multi-dealer platforms in workflow technology. As part of its operations, Virtu Financial 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.
The Virtu Financial class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Virtu Financial maintained deficient policies and procedures with respect to its information access barriers; (ii) accordingly, Virtu Financial had overstated its operational and technological efficacy as well as its capacity to block the exchange of confidential information between departments or individuals within Virtu Financial; and (iii) the foregoing deficiencies increased the likelihood that Virtu Financial would be subject to enhanced regulatory scrutiny.
On February 17, 2023, Virtu Financial disclosed that it “has been responding to requests for information from the U.S. Securities and Exchange Commission [‘SEC’] in connection with an investigation of aspects of [Virtu Financial’s] information access barriers.” On this news, the price of Virtu Financial stock declined.
Then, on April 28, 2023, Virtu Financial reiterated that it had been responding to requests for information from the SEC in connection with an investigation of aspects of Virtu Financial’s information access barriers, and added, in relevant part, “[i]n the absence of a settlement, [Virtu Financial] currently believes it may receive a Wells Notice from the SEC,” and “[t]he proposed action would be expected to allege violations of federal securities laws with respect to [Virtu Financial’s] information barriers policies and procedures for a specified time period in and around January 2018 to April 2019 and related statements made by [Virtu Financial] during such period.” On this news, the price of Virtu Financial stock declined more than 5%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Virtu Financial securities during the Class Period to seek appointment as lead plaintiff of the Virtu Financial class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Virtu Financial class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Virtu Financial class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Virtu Financial class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.