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Knight Capital Group, Inc KCG Securities Lawsuit

Company: Knight Capital Group, Inc
Ticker Symbol: KCG
Class Period: Feb-29-12 to Aug-1-12
Date Filed: Sep-4-12
Lead Plaintiff Deadline: Nov-3-12
Court: Western District of Tennessee
Kansas City, MO: A securities class action lawsuit has been filed in the United States District Court for the Western District of Tennessee on behalf of all persons who owned or otherwise acquired the common stock of Knight Capital Group, Inc. ("Knight Capital") on the New York Stock Exchange between February 29, 2012 and August 1, 2012, inclusive. The class action is captioned Philip Osgood v. Knight Capital Group, Inc., Case No. 12-cv-01186 (EGB). This action is brought against Knight Capital for violations of the Securities Exchange Act of 1934 and the Tennessee Consumer Protection Act.

The Complaint alleges that when trading opened on the NYSE on Wednesday, August 1, 2012, Knight Capital was utilizing newly installed trading software that contained a faulty algorithm, or algorithms that did not properly interface with Knight's existing trading network.

The faulty software caused Knight Capital to acquire a large volume of stock shares at unfavorable prices. At some point on August 1, 2012, Knight Capital held nearly $7,000,000,000 worth of stocks as a result of the faulty trading algorithm or algorithms. Knight capital sold shares throughout the day and was left with a position of $4,600,000,000 by the close of trading. As a result of these faulty algorithms, Plaintiff and class members have suffered losses.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Knight Capital Group, Inc KCG Securities Fraud Legal Help

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Published on Sep-4-12


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