STEVENSON, Md., Feb. 27, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Virtus Investment Partners, Inc. ("Virtus" or the "Company") (Nasdaq:VRTS) common stock during the period between May 28, 2013 and December 22, 2014, inclusive (the "Class Period").
If you have suffered a loss from investment in Virtus common stock purchased on or after May 28, 2013 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no more than 60 days from the date of the issuance of a statutory notice of the filing of the lawsuit and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company common stock during the Class Period. Brower Piven also encourages anyone with information regarding the Company's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that past results of the AlphaSector funds, administered through a co-advisory relationship with investment advisor firm, F-Squared Investments, Inc. ("F-Squared"), were grossly overstated and inflated in its sales and marketing materials and required regulatory filings. According to the complaint, following the SEC's announcement that it had formally charged F-Squared and its President for fraud and various violations of the Investment Advisors Act of 1940, implicating Virtus, and that it had reached a settlement with F-Squared regarding those charges, the value of Virtus shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
