NEW YORK, March 30, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Global Brokerage, Inc., formerly known as FXCM Inc., (“FXCM” or the “Company”) (NASDAQ: FXCM ) of the April 10, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased FXCM securities between March 15, 2012 and February 6, 2017 (the “Class Period”). The case, Khoury v. FXCM Inc., et al. , No. 1:17-cv-00916 was filed on February 7, 2017, and has been assigned to Judge Ronnie Abrams.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements regarding the Company’s business, operations and prospects. The lawsuit alleges that, among other things, FXCM misled investors that its “No Dealing Desk” platform had no conflicts of interest with its customers.
Specifically, on February 6, 2017, the U.S. Commodity Futures Trading Commission (“CFTC”) announced that it banned the Company from operating in the U.S. and ordered that it pay a $7 million fine for taking positions opposite its customers. The CFTC revealed that “between September 4, 2009 and through at least 2014, FXCM engaged in false and misleading solicitations of FXCM’s 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.”
On this news, FXCM’s share price fell $3.40, or 49.64%, from its closing price of $6.85 on February 6, 2017, to close at $3.45 on February 7, 2017.
Request more information now by clicking here: www.faruqilaw.com/FXCM . There is no cost or obligation to you.
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You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com .
Faruqi & Faruqi, LLP also encourages anyone with information regarding FXCM’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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