Virtu Financial, a U.S.-based high-frequency trading firm backed by Blackrock, saw a remarkable 44.2% surge in revenue for Q2, totaling $999.6 million compared to $693.0 million last year. The company operates in Market Making and Execution Services segments, allowing users to engage in various markets globally.

Following the earnings report, shares of the Blackrock-backed company rose by 3.4% as investors reacted positively to the strong financial results and optimistic future outlook. The news of the revenue surge was well-received by the market, leading to an increase in the company’s stock value.

This week, Virtu Financial experienced significant changes as Douglas Cifu stepped down as CEO, with Aaron Simons, the current CTO, taking over the role. Despite the transition in leadership, Cifu will continue to advise the company as it navigates through this period of change.

However, amidst the internal shifts at Virtu Financial, the company faces potential legal challenges. Shareholder litigation firm Kuehn Law has initiated a probe into certain Virtu officers for possible breach of fiduciary duties. The company has yet to respond to these allegations as the situation unfolds.

Read more at Yahoo Finance: Blackrock-backed firm records shocking surge in revenue