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id: 863, Created by Polina Foster, Scout
Virtu Financial (VIRT) Data Security Case
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E.D. New YorkCourt
- 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.
Shock Event Date
13 September 2023
31 October 2023
Lead Plaintiff Deadline
02 January 2024
James R Cho