Virtu Financial (VIRT) Data Security Case

Both parties are exchanging evidence and gathering information for the case.

E.D. New York

Court

1:23-cv-03770

Case number

11/07/2018

Class period Start

09/12/2023

Class period End

01/02/2024

Lead Plaintiff motion deadline

Virtu is accused of maintaining a generic login that let employees, including traders, access customers' confidential trading data.
On September 12, 2023, the truth came out, leading to a 8.5% $VIRT fall.

The complaint states that Virtu shared username and password that let its employees, including traders, access confidential customer trading data.

Additionally, the company increased the number of people who could access this data at the same time, making it easier for its employees to inappropriately use the sensitive customer information.

This news caused $VIRT fall by 8.5% and $147.66M loss of market cap, damaging shareholders.

Given all the information, investors have reasons to suspect that Virtu didn't prevent misuse of data and made misleading statements about these issues.

Case Type

US Securities Class Action

Case Status

Case Discovery

Alleged Offence

Mismanagement,

Misleading Statements,

Negligence,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

09/13/2023

Filing date

10/31/2023

Lead Plaintiff Deadline

01/02/2024

Judge

James R Cho