Press release from Business Wire
Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Knight Capital Group, Inc.
Tuesday, October 02, 2012
Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Knight Capital Group, Inc.19:05 EDT Tuesday, October 02, 2012
WAYNE, Pa. (Business Wire) -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/kcg)
announces that a class action lawsuit has been filed in the U.S.
District Court for the Western District of Tennessee on behalf of
purchasers of Knight Capital Group, Inc. (NYSE: KCG) (“Knight Capital”
or the “Company”) common stock during the period from February 29, 2012
and August 1, 2012, (the “Class Period”).
For more information regarding this class action suit, please contact
Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877)
316-3218 or by email at rmaniskas@rmclasslaw.com
or visit: www.rmclasslaw.com/cases/kcg
The complaint alleges that Knight Capital and certain of its officers
and directors (“Defendants”) misrepresented and/or failed to disclose
that: (1) “[m]otivated by changes to NYSE Rules taking effect on August
1, 2012, Knight Capital knowingly introduced unproven electronic trading
software packages into the NYSE that destabilized the global equity
markets”; (2) Knight Capital knew or should have known that its new
electronic trading technology had the potential to engage in
large-volume erroneous trading because massive amounts of trades could
be placed in seconds; and (3) as a result, when the technology was
implemented, Knight Capital erroneously acquired a large volume of stock
at unfavorable prices.
On August 1, the price of Knight Capital shares fell from $10.33 to
$6.94 after it was reported that the Company had sent an e-mail advising
its clients to route orders elsewhere, explaining that it had
“experienced a technology issue” in its market-making unit “related to
the routing of shares of approximately 150 stocks to the NYSE.” The
following day, the Company publicly confirmed the “technology issue”
which it said had resulted in a $440 million loss. The price of Knight
Capital stock dropped from $6.94 to $2.58 on August 2.
If you are a member of the class, you may, no later than November 2,
2012, request that the Court appoint you as lead plaintiff of the class.
A lead plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be appointed lead
plaintiff, the Court must determine that the class member's claim is
typical of the claims of other class members, and that the class member
will adequately represent the class. Under certain circumstances, one or
more class members may together serve as “lead plaintiff.” Your ability
to share in any recovery is not, however, affected by the decision
whether or not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your counsel
in this action.
For more information about the case or to participate online, please
visit: www.rmclasslaw.com/cases/kcg
or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or
by e-mail at rmaniskas@rmclasslaw.com.
For more information about class action cases in general or to learn
more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan &
Maniskas, LLP is devoted to protecting the interests of individual and
institutional investors in shareholder actions in state and federal
courts nationwide.
Ryan & Maniskas, LLPRichard A. Maniskas, Esquire484-588-5516877-316-3218rmaniskas@rmclasslaw.comwww.rmclasslaw.com/cases/kcg
