According to the law firm press release, the lawsuit alleges throughout the Class Period defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) ITG’s AlterNet Securities, Inc. subsidiary operated a proprietary trading operation in 2010 through mid-2011 inside of ITG's POSIT dark pool, a private stock trading platform, against some of its broker clients; (2) the proprietary trading operation used information from customer stock orders within ITG's dark pool, as well as information from ITG clients that used the firm's algorithms to execute trades on other trading platforms, which should not have been available; and (3) as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On October 20, 2015, this case was transferred to the Southern District of New York.
This action was consolidated into lead case 1:15-cv-06369-JFK.
Plaintiffs filed a consolidated complaint on December 14, 2015.