Moore Kuehn Encourages Virtu Financial, Inc. Investors To Contact Law Firm
- VIRTU FINANCIAL, INC. (NASDAQ: VIRT)
*Please only contact if you purchased shares before March 1, 2019. Shareholders should contact Fletcher Moore, Esq. by email at fmoore@moorekuehn.com.
NEW YORK, Oct. 6, 2023 /PRNewswire/ -- On or about September 12, 2023, the U.S. Securities and Exchange Commission sued Virtu Financial for misleading customers into believing it properly safeguarded their confidential information. The SEC said that, in reality, "anyone" at the New York-based company's Virtu Americas unit could from January 2018 to April 2019 access sensitive information about customers and their trades by using generic user names and passwords.
This created the risk that Virtu's proprietary traders, who were supposed to be "walled off" from customers' trades, could use the information to benefit themselves at the expense of customers, even as Virtu accepted trading commissions from those same customers, the SEC said. This suit followed a July 2023 Wells Notice Virtu from the SEC, indicating that SEC staff believed civil charges were warranted.
The investigation involves certain statements regarding the Company's business, operations, and prospects. Specifically, statements and/or failures to disclose that: (i) the Company maintained deficient policies and procedures with respect to its information access barriers; (ii) accordingly, 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; (iii) the foregoing deficiencies increased the likelihood that the Company would be subject to enhanced regulatory scrutiny; and (iv) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
If you purchased or otherwise acquired Virtu Financial, Inc. (NASDAQ: VIRT) securities, even minimal shares, have information, or would like to learn more about this investigation, please contact Fletcher Moore by email at fmoore@moorekuehn.com.
Moore Kuehn PLLC is a New York-based plaintiffs' contingency law firm concentrating in shareholder derivative and consumer litigation. Additional information about the firm can be found at http://www.moorekuehn.com/. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Moore Kuehn PLLC
Fletcher Moore, Esq.
(212) 709-8245
fmoore@moorekuehn.com
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