WILMINGTON, Del., Feb. 24, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Virtus Investment Partners, Inc. (NASDAQ GS: VRTS)?
- Did you purchase your shares between May 28, 2013 and December 22, 2014?
- Did you lose money in your investment in Virtus Investment Partners, Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Virtus Investment Partners, Inc. ("Virtus" or the "Company") (NASDAQ GS: VRTS) between May 28, 2013 and December 22, 2014 (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased shares of Virtus during the Class Period, or purchased shares prior to the Class Period and still hold Virtus, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://www.rigrodskylong.com/investigations/virtus-investment-partners-inc-vrts.
Virtus is a financial services company that provides investment products and solutions primarily through its subsidiary investment managers. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that past results of the AlphaSector funds were grossly overstated and inflated. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, Virtus marketed and offered funds with an "AlphaSector" strategy through a co-advisory relationship with investment advisor firm, F-Squared Investments, Inc. ("F-Squared"). On September 3, 2014, the Wall Street Journal reported that F-Squared received a Wells Notice from the SEC for alleged falsifications about its AlphaSpector performance and track record in its sales and marketing materials and required regulatory filings.
Then, on December 22, 2014, the SEC announced that it had formally charged F-Squared and its President for fraud and various violations of the Investment Advisors Act of 1940, and that it had reached a settlement with F-Squared regarding those charges. The SEC's announcement, although never mentioning Virtus by name, revealed further details and evidence of F-Squared's fraud which implicated Virtus.
On this news, shares in Virus, which traded as high as $240.72 per share during the Class Period, closed at $169.70 per share on December 22, 2014.
If you wish to serve as lead plaintiff, you must move the Court no later than April 27, 2015. A lead plaintiff is a representative party acting 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
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