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Investment Technology makes extra disclosures on Virtu deal following 2 lawsuits

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Investment Technology makes extra disclosures on Virtu deal following 2 lawsuits

Investment Technology Group Inc., which is facing two class-action lawsuits seeking to block its sale to Virtu Financial Inc., made additional merger disclosures to moot the plaintiffs' claims and to avoid potential litigation expense and delay.

The lawsuits, Levy v. Troise et al. and Scarantino v. Investment Technology Group Inc. et al., both claim that the company and its board failed to make adequate disclosures in the company's proxy statement relating to the deal.

In light of the additional disclosures, the plaintiffs agreed to dismiss their respective actions. The company, however, denies the lawsuits' allegations that any additional disclosure was or is required.