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Last $15.41 USD
Change Today -0.28 / -1.78%
Volume 274.3K
ITG On Other Exchanges
Symbol
Exchange
New York
Munich
As of 8:04 PM 09/4/15 All times are local (Market data is delayed by at least 15 minutes).

investment technology group (ITG) Key Developments

ITG Is Engaged In Strategic Review

Investment Technology Group Inc. (NYSE:ITG) is engaging in a "timely and decisive" strategic review. ITG is planning to "undergo structural changes," which the company said could include the possible sale of its research division and other non-core assets, according to the note. ITG may also take a "more aggressive look at M&A," it said.

Wites & Kapetan, P.A. and Kaplan Fox & Kilsheimer LLP File Class Action Suit Against Investment Technology Group, Inc

Wites & Kapetan, P.A. and Kaplan Fox & Kilsheimer LLP have filed a class action suit against Investment Technology Group Inc. and certain of its executives, that alleges violations of the Securities Exchange Act of 1934 on behalf of purchasers of ITG common stock during the period February 28, 2011 through August 3, 2015, inclusive. The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements to investors concerning the company’s POSIT network, an Alternative Trading System or dark pool. The Complaint alleges that, throughout the Class Period, ITG held itself out as an agency-only and conflict-free broker, and represented that POSIT safeguarded client trading data, but omitted to disclose: (1) that, as detailed in the SEC Settlement Order, between April 2010 through July 2011, the company operated a proprietary trading pilot called Project Omega within the company’s AlterNet subsidiary that involved crossing against sell-side clients in POSIT and violations of the company’s policies and procedures by Mittal, a former ITG Managing Director, Head of Algorithmic Trading, and Head of Liquidity Management; (2) that Mittal, while head of Project Omega, along with numerous other employees, accessed private client data within the company while simultaneously operating a proprietary trading strategy, a clear conflict of interest; (3) that this conduct violated Regulation ATS; and (4) that the company was under investigation for this conduct by the SEC by Fall 2013, and faced an enforcement action by May 2015, which threatened major fines and legal costs as well as reputational harm to the Company and loss of customers.

ITG Completes Settlement with Securities and Exchange Commission

ITG announced that it has reached a final settlement with the Securities and Exchange Commission in connection with a proprietary trading pilot program that operated for 16 months in 2010 through mid-2011. The settlement is focused on ITG’s customer disclosures, Form ATS regulatory filing violations, and customer information controls that related to the pilot program’s trading activity, which included crossing against sell-side clients in the company’s POSIT system, and violations of ITG’s policy and procedures by a former employee. These violations principally involved information breaches for a period of several months in 2010 regarding sell-side parent orders flowing into ITG’s algorithms and executions by all customers in non-POSIT markets that were not otherwise available to ITG clients. According to the terms of the settlement, ITG will pay disgorgement of $2,081,304, prejudgment interest of $256,532, and a civil penalty of $18,000,000.

Goldberg Law PC Announces Securities Class Action Lawsuit Against Investment Technology Group

Goldberg Law PC announced that a class action lawsuit has been filed in the United States District Court for the Central District of California against Investment Technology Group Inc. for alleged violations of the federal securities laws. Investors who purchased or otherwise acquired shares between February 28, 2011 and July 29, 2015, inclusive, have until October 5, 2015 to serve as lead plaintiff in the class action.

Investment Technology Group Inc. Declares Cash Dividend for the Third Quarter of 2015, Payable on September 10, 2015

Investment Technology Group Inc.'s board of directors declared a quarterly cash dividend of $0.07 per share for the third quarter of 2015. The dividend is payable on September 10, 2015, to shareholders of record on August 21, 2015.

 

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Industry Analysis

ITG

Industry Average

Valuation ITG Industry Range
Price/Earnings 18.0x
Price/Sales 0.9x
Price/Book 1.3x
Price/Cash Flow 17.2x
TEV/Sales NM Not Meaningful
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