On April 28, 2023, Virtu filed the Q1 2023 10-Q with the SEC. The Q1 2023 10-Q stated, in relevant part: "The Company is cooperating with this civil investigation and has engaged in settlement discussions in respect of the matter. In the absence of a settlement, the Company currently believes it may receive a Wells Notice from the SEC. The proposed action would be expected to allege violations of federal securities laws with respect to the Company's information barriers policies and procedures for a specified time period in and around January 2018 to April 2019 and related statements made by the Company during such period." On this news, the price of Virtu shares declined by $0.75 per share, or approximately 3.74%, from $20.05 per share to close at $19.30 on May 1, 2023.