Kaskela Law LLC announces that it is investigating Virtu Financial, Inc. (NASDAQ: VIRT) (“Virtu”) on behalf of the company’s long-term investors.
Recently a securities fraud complaint was filed against Virtu on behalf of certain investors who purchased shares of the company’s stock between March 1, 2019 and April 28, 2023 (inclusive). The complaint alleges that during that time period, Virtu and certain of the company’s executive officers made a series of false and misleading statements to investors about Virtu’s operational and technological efficacy and internal controls.
As detailed in the complaint, on April 28, 2023, Virtu disclosed that it was “cooperating with [an SEC] 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 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.” Following this news, shares of the company’s stock declined in value from $19.90 per share on April 28, 2023 to a closing price of $17.00 per share on May 4, 2023, a cumulative decline of $2.90 per share, or over 14.5% in value.
The investigation seeks to determine whether the members of Virtu’s board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Current Virtu stockholders who purchased or acquired their shares prior to March 1, 2019 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by completing the form on this page, for additional information about this investigation and their legal rights and options.