Robbins LLP Is Investigating the Officers and Directors of Virtus Investment Partners, Inc. (VRTS) on Behalf of Shareholders
Robbins LLP is investigating whether certain officers and directors of Virtus Investment Partners, Inc. (NASDAQGS: VRTS) violated federal securities laws by issuing materially misleading business information to the investing public. Virtus is a publicly owned investment manager.
Virtus To Pay $16.5 Million To Settle False Advertising Charges
On November 16, 2015, the U.S. Securities and Exchange Commission (“SEC”) announced that Virtus will pay $16.5 million to settle charges that it touted false performance claims to boost an investment portfolio strategy. An SEC investigation found that Virtus publicized an overstated performance track record as received from F-Squared Investments, which had managed the strategy. Andrew Ceresney, director of the SEC enforcement division, stated, “Virtus accepted F-Squared’s historical performance misrepresentations at face value and ignored red flags that called these statements into question.” Virtus falsely stated in client presentations, marketing materials, and SEC filings that the portfolio strategy had a performance history dating back to April 2001 and outperformed the S&P 500 Index for several years. In a separate SEC enforcement action last year, F-Squared admitted to touting a track record it presented as real when it was actually hypothetical and inflated.
Virtus Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.