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Case Status:    ONGOING    
On or around 10/30/2017 (Ongoing date of last review)

Filing Date: November 26, 2014

According to the Complaint, GFI serves as a holding company for its subsidiaries, and provides brokerage and trade execution services, clearing services, market data and trading platforms, and other software products to institutional customers in markets for a range of fixed income, financial, equity, and commodity instruments.

On July 30, 2014, OFT announced that it had entered into an acquisition agreement with CME Group, Inc. ("CME").

The Complaint alleges that Defendants issued material misrepresentations and failed to disclose to investors like Plaintiff and the other members of the Class material facts indicating that the Company had received superior offers and inquiries from third party purchasers interested in acquiring GFI. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) prior to announcing the proposed acquisition with CME, GFI had received superior offers and/or inquiries from other interested third parties, including BGC; and (2) the CME offer did not optimize GFI's value for stockholders and did not represent a singular and unique opportunity to return value. Defendants withheld this material, non-public information from, and otherwise misled investors, so that Defendants could pursue and personally profit from a sweetheart deal with CME.

On February 20, 2015, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed an amended complaint on May 15. This was followed by the filing of a second amended complaint on July 8.

On February 9, 2016, the Court issued an Order denying Defendant's Motion to Dismiss.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GFIG
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-09438
JUDGE: Hon. William H. Pauley, III
DATE FILED: 11/26/2014
CLASS PERIOD START: 07/30/2014
CLASS PERIOD END: 09/08/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Scott + Scott LLP (NY)
    405 Lexington Avenue, 40th Floor, The Chrysler Building, Scott + Scott LLP (NY), NY 10174
    (212) 223-6444 (212) 223-6444 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 14-CV-09438
JUDGE: Hon. William H. Pauley, III
DATE FILED: 07/08/2015
CLASS PERIOD START: 07/30/2014
CLASS PERIOD END: 09/08/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Scott + Scott LLP (NY)
    405 Lexington Avenue, 40th Floor, The Chrysler Building, Scott + Scott LLP (NY), NY 10174
    (212) 223-6444 (212) 223-6444 ·
No Document Title Filing Date