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id: 726, Created by Stan Vick, Scout
Virtu Financial (VIRT) SEC Investigation Case
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E.D. New YorkCourt
- Virtu Financial stated that may receive an SEC Wells Notice.
- $VIRT fell 5.68%, damaging shareholders.
- Investors suspect Virtu of misleading regarding its operational & technological efficacy.
On April 28, 2023, Virtu Financial, Inc. (VIRT) disclosed that “the Company has been responding to requests for information from the SEC in connection with an investigation of aspects of the Company’s information access barriers. The Company is cooperating with this civil investigation and has engaged in settlement discussions in respect of the matter. In the absence of a settlement, the Company currently believes it may receive a Wells Notice from the SEC.
The proposed action would be expected to allege violations of federal securities laws concerning the Company’s information barriers policies and procedures for a specified period in and around January 2018 to April 2019 and related statements made by the Company during such period.”
On this news, $VIRT fell 5.68%, damaging investors.
Taking the fact of the SEC investigation and the Company's last statements, Investors have reasons to suspect Virtu, its Leaders, and its Services Providers of misconduct which led to investment losses to shareholders.
Specifically, Investors allege that:
- the Company maintained deficient policies and procedures with respect to its information access barriers;
- 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;
- These deficiencies increased the likelihood that the Company would be subject to enhanced regulatory scrutiny; and
- as a result, public statements were materially false and/or misleading at all relevant times.
Shock Event Date
28 April 2023
19 May 2023
Lead Plaintiff Deadline
18 July 2023