Business & Finance
Business and Finance
Business and Finance
Thu, February 17, 2011
Wed, February 16, 2011 Kahn Swick & Foti, LLC and Former Louisiana Attorney General Announce Investigation Into FXCM, Inc. a" FXCM
NEW ORLEANS--([ BUSINESS WIRE ])--Kahn Swick & Foti, LLC (aKSFa) and Former Attorney General of Louisiana, Charles C. Foti, Jr. announce the commencement of an investigation into FXCM, Inc. (aFXCMa or the aCompanya) (NYSE: FXCM) to determine whether it has violated federal securities laws by issuing false and misleading statements to its shareholders.
"the data calls into question our 2011-12 a growth assumptions and begin to suggest greater maturity in the business than previously contemplated."
Only 3 months removed from the Companya™s IPO, shares of FXCM closed down 13% today - to a low of $12.05 on heavy volume - following the release of results from last month that were asubstantiallya below expectations according to one analyst. William Katz at Citi wrote in a note that athe data calls into question our 2011-12 a growth assumptions and begin to suggest greater maturity in the business than previously contemplated.a Moreover, todaya™s decline comes on the heels of a lawsuit filed by an FXCM customer last week alleging fraud and racketeering, claiming that the Company has bilked thousands of customers out of hundreds of millions of dollars using deceptive and unfair trade practices.
What You May Do
If you have information that would assist KSF in its investigation, or would like to discuss your legal rights, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn ([ lewis.kahn@ksfcounsel.com ]), toll free 877-515-1850, or after hours via cell phone 504-301-7900. KSF also encourages anyone with information regarding FXCMa™s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation,2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel, $19.5 Million Settlement; In re BigBand Networks, Inc Securities Litigation,3:07-CV-05101-SBA (C.D. Cal.),Co-Lead Counsel, $11 million settlement; In re U.S. Auto Parts Networks, Inc. Securities Litigation,2:07-cv-02030-GW-JC (C.D. Cal.),Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against AIG and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines.
To learn more about KSF, you may visit[ www.ksfcounsel.com ].
