Investment Technology ITG shares jumped more than four percent on news an activist investor group acquired a 6.3 percent stake and plans to lobby for its sale.
The group, headed by Philadelphia Financial Management of San Francisco, said it believes Investment Technology's shares are trading below fair value "due to inappropriate management" by Chief Executive Robert C. Gasser.
Investment Technology shares are down almost 10 percent year to date.
Philadelphia Financial in September paid $154,443.60, plus a $65,000 civil fine in accepting and a cease and desist order from the Securities and Exchange Commission.
The order concerned alleged an engagement in short selling of an initial public offering in violation of the so called Rule 105 of Regulation M.
Investment Technology traded recently up 4.7 percent to $18.67.
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