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Gross v. GFI Group Inc.

Securities Class Suit Dismissed; Proxy Statement Provided Infomation Before Vote

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OPINION & ORDER

*1 GFI Group, Inc. (“GFI”), Colin Heffron, and Michael Gooch (collectively, “Defendants”) move for summary judgment dismissing this securities class action. Defendants argue that Plaintiffs fail to establish triable issues of fact on falsity, scienter, reliance, and loss causation. Defendants’ motion for summary judgment is granted.BACKGROUNDBenjamin Gross filed this action on behalf of a class of investors who sold GFI stock between July 30, 2014 and September 9, 2014 (“Plaintiffs”). At the time of the events giving rise to this lawsuit, GFI was a publicly traded company with two principal business units: (1) an inter-dealer broker (“IDB”) business, which provided trading services; and (2) a software unit, which licensed financial software products. (Second Am. Compl. for Violations of the Federal Securities Laws, ECF No. 29 (“SAC”)38.)In early 2013, Jefferies LLC advised GFI Executive Chairman Michael Gooch that GFI might be able to optimize shareholder value by selling itself to another inter-dealer broker. (Defendants’ Response to Plaintiffs’ Local Rule 56.1 Statement, ECF No. 130 (“Defs.’

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