VIRT - Virtu Financial stock dips after receiving Wells notice from SEC

2023-07-28 17:03:05 ET

Virtu Financial ( NASDAQ: VIRT ) stock dipped 1.6% in Friday after-hours trading after receiving a Wells notice from the U.S. Securities and Exchange Commission for a previously disclosed investigation.

The firm has been responding to requests from the SEC in connection with a probe into its internal information access barriers.

Consistent with its previous disclosure, Virtu ( VIRT ) has continued to cooperate with this civil investigation and engaged in settlement talks, though it has been unable to reach a settlement, according to an SEC filing.

The SEC is expected to file an action against Virtu ( VIRT ) alleging violations of federal securities laws regarding its information barriers policies and procedures in and around January 2018 to April 2019.

VIRT "would plan to assert, among other defenses, that it maintained reasonable policies, procedures and controls to protect data during the period consistent with applicable law, that related statements made to clients and investors were true and accurate, and that the statute of limitations has expired with respect to certain claims," it said in the filing.

In April, Virtu ( VIRT ) said the SEC could warn the firm that it would bring enforcement action against it.

More on Virtu Financial:

• Virtu Financial cut to Neutral at J.P. Morgan on disappointing growth initiatives
• Virtu Financial Benefits From Rising Trading Volume & Asset Diversity

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