Investors Urged to Join Securities Fraud Suit Against Citadel and Virtu

The lawsuit contends that the defendants engaged in "spoofing," a practice involving the submission and subsequent cancellation of buy or sell orders without any genuine intent to execute them. By deploying these baiting orders, the defendants allegedly misled the market regarding the actual supply and demand for Genius securities. This activity reportedly inflated bid-ask spreads, increasing transaction costs for investors while allowing the defendants to profit from favorable order flow execution.

Rosen Law Firm, which is spearheading the litigation, notes that class members may seek compensation through a contingency fee arrangement. Investors who wish to serve as lead plaintiff must file their motion with the court before the end of August. Those who choose not to act as lead plaintiffs remain eligible to share in any potential recovery, though they are not currently represented by counsel unless they retain their own. No class has been formally certified by the court at this stage.