SOURCE: Brower Piven, A Professional Corporation

March 18, 2011 13:00 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $25,000 From Investment in FXCM Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the May 2, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - March 18, 2011) - 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 the common stock of FXCM ("FXCM" or the "Company") (NYSE: FXCM) pursuant to its December 2010 Initial Public Offering ("IPO" or "Offering") of 15,060,000 shares of common stock (with an over-allotment option of 2,259,000 shares) priced at $14.00 per share. 

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 later than May 2, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the Company's failure to disclose in the Registration Statement and Prospectus issued in connection with the initial public offering of the common stock of FXCM in early December 2010 that the Company: bilked thousands of customers out of hundreds of millions of dollars using deceptive and unfair trade practices; falsely portrayed its trading platform as a fair, transparent, and true foreign currency market environment free from dealer intervention or manipulation; interfered with customer trades and traded against its own customers; and lured thousands of customers to its trading platform by promoting a "demo account." According to the complaint, when these matters were revealed in a lawsuit alleging, among other things, violations of the Racketeer Influenced and Corrupt Organizations Act ("RICO") based on the foregoing described conduct alleged therein, the value of FXCM's shares declined significantly.

If you are an FXCM shareholder you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. 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 Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact