The original class action commenced on behalf of a class of all persons who purchased the common stock of Interactive Brokers Group, Inc. in the Company' s initial public offering ("IPO"), which commenced on May 4, 2007, through July 5, 2007. The claims asserted arise under Sections 11 and 12(a)(2) of the Securities Act of 1933, 15 U.S.C. 00A7,Sect. 00A7,Sect. 77k and 77l(a)(2), and have been asserted against Interactive Brokers. Specifically, the complaint alleges that the Defendant made materially misleading statements and otherwise failed to disclose that it had incurred material trading losses at the time of the IPO and that its proprietary pricing model was unable to prevent such material trading losses. The subsequent disclosure of these facts after the close of trading on July 5, 2007 resulted in the price of the Company's common stock declining, causing Plaintiff and the other members of the Class to suffer damages.
On March 14, 2007, the Court granted the motion to name Seow Lin as Lead Plaintiff and appointed Abraham Fruchter & Twersky LLP as Lead Counsel. The Amended Class Action Complaint was filed on March 24, 2008. The defendants responded by filing a motion to dismiss the Amended Complaint on April 25, 2008.
On August 22, 2008, U.S. District Court Judge Colleen McMahon issued the Decision and Order granting in part and denying in part the defendant’s motion to dismiss. On November 21, 2008, the plaintiffs filed a Stipulation of Voluntary Dismissal. The case is dismissed with prejudice.