Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against Virtu Financial, Inc. (“Virtu” or the “Company”) (NASDAQ: VIRT) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired Virtu securities from March 1, 2019, through April 28, 2023 (the “Class Period”). Investors who acquired Vurt securities during this defined timeframe are strongly encouraged to participate in this case by contacting email@example.com. The deadline to file a motion for appointment of lead plaintiff is July 18, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Virtu securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
The complaint put forth in this lawsuit asserts that throughout the Class Period, the defendants made material false and misleading statements concerning the business, operations, and future prospects of Virtu Financial, Inc. Specifically, the defendants are alleged to have engaged in a pattern of making false statements or, in some cases, withheld information across four key areas. Firstly, the complaint contends that the Company inadequately maintained policies and procedures related to its information access barriers, creating significant deficiencies in this regard. Secondly, it is claimed that Virtu misrepresented its operational and technological efficacy, misleading investors by overstating its ability to effectively block the exchange of confidential information between various departments or individuals within the Company. Thirdly, these deficiencies allegedly increased the likelihood that Virtu would face heightened regulatory scrutiny.
HISTORY OF VIRTU FINANCIAL, INC.
Virtu Financial, Inc., commonly known as Virtu, has a rich history as a prominent financial technology company specializing in electronic market-making and high-frequency trading. The company was founded in 2008 by Vincent Viola, an accomplished entrepreneur and financial industry veteran. Viola, who previously served as chairman of the New York Mercantile Exchange (NYMEX) from 2001 to 2004, recognized the growing significance of electronic trading and seized the opportunity to leverage technology for enhanced trading efficiency. In its early years, Virtu focused on developing sophisticated trading algorithms and systems that could analyze vast amounts of market data in real-time and execute trades at incredibly fast speeds. With its proprietary technology infrastructure and advanced trading strategies, Virtu became known for its ability to provide liquidity and execute trades across various asset classes simultaneously. Virtu expanded its operations globally, establishing offices in major financial centers around the world. In 2014, Virtu made headlines when it filed for an initial public offering (IPO). The planned IPO faced scrutiny due to concerns surrounding high-frequency trading and its potential impact on market stability. However, Virtu navigated these challenges and successfully went public on the NASDAQ stock exchange in April 2015, under the ticker symbol VIRT.
As a publicly traded company, Virtu continued to evolve and adapt to the changing landscape of the financial markets. It expanded its product offerings and capabilities, integrating advanced technologies, data analytics, and risk management tools into its trading operations. Virtu’s commitment to staying at the forefront of technological advancements allowed it to maintain its competitive edge and navigate the evolving regulatory environment. Throughout its history, Virtu has faced both opportunities and challenges. The company’s innovative approach to trading has earned it recognition and success in the financial industry. However, the nature of its business has also subjected Virtu to scrutiny and criticism, with concerns raised about potential market manipulation and the perceived advantages of high-frequency trading.
JOIN THIS CASE
It is crucial to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in Virtu during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is July 18, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential class members in the class action lawsuit against Virtu Financial, Inc. are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.
For more information as well as to join this case please contact Atara Twersky, Esq. at firstname.lastname@example.org. Atara is Principal at Twersky Law Group and of counsel at AF&T Law Firm where she is director of Investor Services. Atara focuses her practice on assisting her clients with increasing their investment portfolio recoveries and ensuring that their portfolios remain healthy and robust. For more information on shareholder recoveries, listen to Atara ’s Pension and Investments Podcast with notable guests in the pension fund Industry that discusses various matters relating to investment portfolios. For more information on Atara and her legal work pertaining to shareholder protection click here.