Statement Regarding Trading Activity in Corinthian Colleges, Inc.
05 Décembre 2003 - 11:00PM
PR Newswire (US)
Statement Regarding Trading Activity in Corinthian Colleges, Inc.
NEW YORK, Dec. 5 /PRNewswire/ -- The Nasdaq Stock Market, Inc.
(NASDAQ)(R) (BULLETIN BOARD: NDAQ) , is providing clarification of
the market circumstances surrounding the trading activity today of
Corinthian Colleges, Inc. . At approximately 10:46 a.m., Eastern
Time (ET), Corinthian Colleges began trading from $57.45 to as low
as $38.97 per share, all within a time frame of approximately 12
minutes. NASDAQ immediately contacted Corinthian Colleges to
determine if there was any company-related explanation for the
activity. The company indicated there was no corporate activity or
news to explain the activity. Simultaneously, NASDAQ contacted the
market participant responsible for the majority of the unusual
trading activity. NASDAQ subsequently determined that the
extraordinary market activity resulted from multiple orders being
routed to multiple market centers and electronic communications
networks (ECNs) by a single customer. NASDAQ halted trading in
Corinthian Colleges from 10:58:08 a.m. Eastern Time to 11:55 a.m.
due to extraordinary market activity. NASDAQ halts trading when
extraordinary market activity in a security is occurring; NASDAQ
determines that such extraordinary market activity is likely to
have a material effect on the market for that security; and NASDAQ
believes that such extraordinary market activity is caused by the
misuse or malfunction of an electronic quotation, communication,
reporting or execution system operated by or linked to NASDAQ. Once
NASDAQ determined that the system misuse or malfunction that caused
the extraordinary market activity regarding Corinthian Colleges
would no longer have a material effect on the market in Corinthian
Colleges, NASDAQ resumed trading in the security. NASDAQ, on its
own motion, determined that all trades reported to NASDAQ in
Corinthian Colleges that were executed today from 10:46:00 Eastern
Time to 10:58:08 would be cancelled. NASDAQ determined that this
action was necessary for the protection of investors and the public
interest and for the maintenance of a fair and orderly market.
Corinthian Colleges was in no way responsible for the trading that
took place subsequent to the development. Corinthian Colleges was
fully cooperative with NASDAQ throughout the event, providing any
necessary information and clarification with regards to the
activity. NASDAQ is extremely appreciative of Corinthian Colleges'
continued cooperation in this matter. NASDAQ (OTC:NDAQ) (BULLETIN
BOARD: NDAQ) is the world's largest electronic stock market. With
approximately 3,400 companies, NASDAQ lists more companies and
trades more shares per day than any other U.S. market. It is home
to category-defining companies that are leaders across all areas of
business including technology, retail, communications, financial
services, media and biotechnology industries. For more information
about NASDAQ, visit the NASDAQ Web site at http://www.nasdaq.com/
or the NASDAQ Newsroom(SM) at http://www.nasdaqnews.com/.
DATASOURCE: NASDAQ CONTACT: Wayne Lee, +1-301-978-4875 or Silvia
Davi, +1-646-441-5014, both of NASDAQ Web site:
http://www.nasdaqnews.com/ http://www.nasdaq.com/
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