Virtus Investment Partners is a mutual fund company, located in Hartford Connecticut. In August 2015, a lawsuit began against Virtus Investment Partners.
The lawsuit was against officers of the mutual fund company. They based the promotion of their signature product on an outstanding performance record. The problem is, that great performance never happened.
They marketed their investment strategy on a deceptive track record that was seriously overinflated. Virtus blamed the performance records on a third party, who provided indexes to them.
The complaint also alleges that 2 officers of the company sold off their sizeable holdings in Virtus after the deception came to light. And, in 2013, Virtus offered a secondary stock issue, which brought in $167 million to the firm.
In April 2016, Virtus asked to have an investor class action dismissed. They maintained that the losses incurred by the funds weren’t necessarily the result of the erroneous track record reporting. The court denied the request for dismissal. Contact Our stock market recovery expert.