March 16, 2016 – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating GAIN Capital Holdings, Inc. (“Gain” or the "Company") (NYSE: GCAP). Investors who purchased Gain securities between February 27, 2014 and March 15, 2016 may be affected.
On March 15, 2016, before the market opened, the Company disclosed that on March 9, 2016, the Audit Committee of the Board of Directors of the Company concluded that the “Company's previously issued consolidated financial statements as of and for the years ended December 31, 2014 and 2013 and for the first three quarters of 2015 should no longer be relied upon because the Company has determined that there were errors in the manner in which the Company accounted for income taxes during those periods under ASC 740 (ASC 740), Income Taxes.
The Company explained that “[t]hese errors related primarily to the manner in which certain intercompany payables and receivables among domestic and overseas subsidiaries of the Company were treated for tax purposes during the impacted periods.”
Further the Company stated that it “intends to file its Annual Report on Form 10-K for the year ended December 31, 2015 (the “Annual Report”) as soon as practicable” and that the “consolidated financial statements of the Company as of and for the years ended December 31, 2014 and 2013 included in that Annual Report will be restated to reflect the correction of these tax errors.” The Company will also file amended Form 10-Qs for each of the first three fiscal quarters of 2015 reflecting these adjustments.
Since the opening of trading on March 15, 2016, Gain shares have declined approximately $1.18 per share or approximately 15%.
If you purchased Gain securities and would like to discuss our investigation, please contact us by e-mailing
or by calling 800-290-1952.
Attorneys: Laurence D. King, Jeffrey P. Campisi