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Shares of Global Brokerage - Formerly FXCM - Close at Record Lows as Class Action Suit Deadline Looms
Shares of Forex broker Global Brokerage Inc. (BATS:GLBR), previously called FXCM Inc., hit record lows of $2.25 on Monday, March 6, 2017.
On February 7th, FXCM shares plunged 50% when the CFTC hit the broker with a $7 million penalty for illegally profiting from its retail FX clients.
In the days following the CFTC penalty, shares of the embattled broker continued to drift lower and the firm withdrew from the U.S. retail Forex space, selling its American client base, comprised of 47k retail traders, to Gain Capital Holdings.
Including today’s drop, GLBR has declined by more than 67% since February 7th.
While GLBR was stable around $2.80 during the second half of February, investor confidence has continued to wane in March as an increasing number of securities law firms have joined in the shareholder class action suit against Global Brokerage Inc.
Over the past 30 days, 19 separate law firms have put out press release seeking to represent GLBR shareholders that sustained significant losses in the aftermath of the CFTC action against FXCM on February 6, 2017.
Former and existing shareholders that purchased FXCM securities between March 15, 2012, and February 6, 2017, have until April 10, 2017, to join the class action suit.