Marex Group plc (MRX) Investigation

The investigation is focused on the accuracy Marex’s assurances that it prepares its financial statements in accordance with relevant accounting rules and that it maintains sufficient disclosure controls and procedures.

Marex’s assurances may have come under question when, on August 5, 2025, NINGI Research published a scathing report concluding that “Marex has engaged in a multi-year accounting scheme involving a web of opaque off-balance sheet entities, fictitious intercompany transactions, and misleading disclosures to conceal significant losses, inflate profits, and mask its true risk exposure.”

NINGI’s accusations include:

• “We found that Marex used an opaque fund structure in Luxembourg to manipulate earnings and mask risk[;]”
• “We found [that] Marex created a new undisclosed off-balance sheet entity, the ‘Marex Fund’” and “[t]his new fund holds more than $930 million in derivatives, with Marex as the sole counterparty, yet is excluded from the group’s risk models[;]”
• “In our opinion, Marex is exploiting revenue recognition policies to inflate trading income by selling OTC financial instruments (derivatives, structured notes, etc.) to its off-balance sheet ‘Marex Fund’[;]” and
• “Marex claims strong operating cash flow (OCF) but that is a sham” because “[a]djusting for the billions in debt reported in OCF, Marex’s OCF was negative ~$150 million in 2024 and negative ~$258 million in 2023.”

In response to this report, the price of Marex shares significantly fell on August 5, 2025.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the MRX investigation about?

We are investigating whether Marex may have misled investors about the accuracy of its financials and the sufficiency of its disclosure cont.

WHAT SHOULD I DO?

I worked at MRX. What should I do?

If you were an employee of MRX, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in MRX, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any MRX investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.