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Case Status:    ONGOING    
On or around 03/23/2016 (Ongoing date of last review)

Filing Date: July 28, 2014

According to the law firm press release, Barclays provides various financial products and services worldwide. The company primarily operates in UK Retail and Business Banking; Europe Retail and Business Banking; Africa Retail and Business Banking; Barclaycard; Investment Bank; Corporate Banking; and Wealth and Investment Management segments.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts regarding the Company's operation of its dark pool. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Barclays engaged in a "systematic pattern of fraud and deceit" by using its dark pool to favor high-frequency traders over its other clients; (ii) the pools were promoted as offering investors protection from predatory traders, while Barclays instead courted HFT firms by charging them lower rates; (iii) Barclays falsely understated the percentage of aggressive HFT activity in its dark pool; (iv) Barclays failed to provide monitoring services it promised to investors which would protect the dark pool from aggressive, predatory HFTs; (v) Barclays routed a disproportionately high percentage of client orders to its own dark pool while falsely representing that it routed client orders in a manner that did not favor Barclays LX; (vi) Barclays secretly gave HFT firms informational and other advantages over other clients trading in the dark pool; (vii) Barclays' practices subjected it to regulatory scrutiny and significant reputational harm; (viii) and as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On June 25, 2014, the New York State office of the Attorney General ("NY AG") issued a press release announcing a lawsuit against Barclays, arising from the operation of Barclays' dark pool and other aspects of its electronic trading division.

The press release stated, in part, that "[T]he complaint alleges Barclays has dramatically increased the market share of its dark pool through a series of false statements to clients and investors about how, and for whose benefit, Barclays operates its dark pool. Contrary to Barclays' representations that it has implemented special safeguards to protect clients from "aggressive" or predatory high-frequency traders, Barclays is accused of operating its dark pool to favor high-frequency traders."

On this news, Barclays' securities fell $1.16, or 7.38%, on extraordinarily heavy volume, to close at $14.55 on June 26, 2014.

On October 2, 2014, the Court appointed lead plaintiff and approved lead counsel. Lead Plaintiff filed an amended complaint on December 15.

A Second Amended Complaint was filed on May 27, 2015.

On February 2, 2016, the Court issued an Order granting Plaintiff's motion to certify class.

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: United Kingdom

SECURITIES INFORMATION:

Ticker Symbol: BCS
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 14-CV-05797
JUDGE: Hon. Shira A. Scheindlin
DATE FILED: 07/28/2014
CLASS PERIOD START: 08/02/2011
CLASS PERIOD END: 06/25/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 14-CV-05797
JUDGE: Hon. Shira A. Scheindlin
DATE FILED: 05/27/2015
CLASS PERIOD START: 08/02/2011
CLASS PERIOD END: 06/25/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date