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VIRT.US
id: 863

Virtu Financial (VIRT) Data Security Case

E.D. New York
Court
1:23-cv-08123
Case number
07 Nov 2018
Class period Start
12 Sept 2023
Class period End
02 Jan 2024
Lead Plaintiff motion deadline
  • Virtu is accused of maintaining a generic login that let employees, including traders, access customers' confidential trading data.
  • On September 12, 2023, the truth came out, leading to a 8.5% $VIRT fall.
The complaint states that Virtu shared username and password that let its employees, including traders, access confidential customer trading data.

Additionally, the company increased the number of people who could access this data at the same time, making it easier for its employees to inappropriately use the sensitive customer information.

This news caused $VIRT fall by 8.5% and $147.66M loss of market cap, damaging shareholders.

Given all the information, investors have reasons to suspect that Virtu didn't prevent misuse of data and made misleading statements about these issues.
Alleged Offence
Mismanagement
Misleading Statements
Negligence
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
13 September 2023
Filing date
31 October 2023
Lead Plaintiff Deadline
02 January 2024
Judge
James R Cho
Collecting participants…

Virtu Financial Inc

Virtu Financial, Inc., a financial services company in the United States, Asia Pacific, Canada, EMEA, Ireland, and internationally. The company operates through two segments, Market Making and Exec...

    Ticker
    VIRT.US
    ISIN
    US9282541013
    CIK
    1592386
    Sector
    Financial Services
    Industry
    Capital Markets
    Country
    USA
    Address
    1633 Broadway, New York, NY, United States, 10019