Global Brokerage, Inc. f/k/a FXCM Inc. Securities Litigation
On or around 04/17/2020 (Date of last review)
Filing Date: February 07, 2017
According to the law firm press release, the lawsuit alleges throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) between September 4, 2009 through at least 2014, FXCM’s U.S. subsidiary engaged in false and misleading solicitations of its retail foreign exchange customers by concealing its relationship with its most important market maker and by misrepresenting that its “No Dealing Desk” platform had no conflicts of interest with its customers; (2) FXCM’s U.S. subsidiary made false statements to the National Futures Association about its relationship with the market maker; and (3) as a result, Defendants’ statements about FXCM’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
A consolidated Complaint was filed on June 19, 2017. Defendants filed a Motion to Dismiss the consolidated Complaint on August 3. On December 15, the Court issued an order staying all claims against Defendant Global Brokerage, Inc, due to Global Brokerage's voluntary filing of a petition in the United States Bankruptcy Court in the Southern District of New York. On March 1, 2018, the Court issued an Order granting Defendants' Motion to Dismiss the case. Plaintiffs were given leave to amend the Complaint. Plaintiffs filed an amended Complaint on April 6. On May 7, Defendants filed a Motion to Dismiss the amended Complaint. On March 28, 2019, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Lead Plaintiffs filed a third amended consolidated Complaint on April 17.
Company & Securities Information
Defendant: Global Brokerage, Inc. f/k/a FXCM Inc.
Industry: Investment Services
Headquarters: United States
Ticker Symbol: FXCM
Company Market: NASDAQ
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.