This lawsuit is for anyone who acquired securities in Virtu Financial, Inc. (NASDAQ: VIRT) from March 1, 2019 through April 28, 2023.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company had proper controls over its information access, but by failing to have proper controls.
On February 17, 2023, after the market closed, Virtu published its full year 2022 financial results, disclosing that “the Company [had] been responding to requests for information from the U.S. Securities and Exchange Commission in connection with an investigation of the Company’s information access barriers.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on April 28, 2023, Virtu released its first quarter 2023 financial results, one again stating that it had been in contact with the SEC, adding that “[i]n the absence of a settlement, the Company 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 the Company’s information barriers policies and procedures for a specified time period in and around January 2018 to April 2019 and related statements made by the Company during such period.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Finally, on May 1, 2023, the Wall Street Journal published an article revealing that a Virtu spokesperson stated that the investigation was “primarily focused on an access controls weakness in one of [Virtu’s] internal back office systems containing post trade information that theoretically could allow certain system users access greater than what was intended by our policies.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Virtu Financial, Inc. (NASDAQ: VIRT) from March 1, 2019 through April 28, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
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hsmith@howardsmithlaw.com