Securities Class Action Filed Against FXCM Inc.
Violations of federal securities laws as a result of a series of materially false statements. The lawsuit alleges that, during the Class Period, Defendants made false and/or misleading statements that: (1) FXCM’s agency model of FX trading was extremely low-risk; (2) the volatility in FX markets was uniformly good for FXCM’s business; (3) expressed confidence in the capability of FXCM’s proprietary technological platform; and (4) FXCM maintained sufficient regulatory capital reserves for unforeseen scenarios. According to the Complaint, FXCM announced on January 16, 2015 that it been given a loan from Leucadia National Corp. for $300 million for the purpose of staving off the regulatory default and possible bankruptcy facing the Company. Trading of FXCM’s stock was suspended upon release of this news and, once the stock resumed trading, shares of FXCM fell $11.03 per share to close at $1.60 per share on January 20, 2015. Filed in S.D.N.Y.
Lead Plaintiff Deadline: The deadline to file for lead plaintiff in this action is 7/7/2015.
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