Wolf Haldenstein Announces Class Action Lawsuit Against Corinthian Colleges, Inc. on Behalf of Investors
23 Décembre 2003 - 10:38PM
PR Newswire (US)
Wolf Haldenstein Announces Class Action Lawsuit Against Corinthian
Colleges, Inc. on Behalf of Investors NEW YORK, Dec. 23
/PRNewswire/ -- The Law Firm of Wolf Haldenstein Adler Freeman and
Herz LLP announced today that a class action lawsuit has been filed
in the United States District Court for the Southern District of
New York, on behalf of all persons who traded the stock of
Corinthian Colleges, Inc. ("Corinthian" or the "Company") (the
"Class") between 10:46 a.m. and approximately 12:30 p.m. on
December 5, 2003 (the "Class Period"). A copy of the complaint
filed in this action is available from the Court, or can be viewed
on the firm's website at http://www.whafh.com/. The action is
pending in the United States District Court for the Southern
District of New York, against defendants Nasdaq Stock Market Inc.
and its president and CEO Robert Greifeld. According to the
complaint, defendants violated sections 10(b) and 20(a) of the
Securities Exchange Act of 1934, and Rule 10b-5. The complaint
alleges that beginning at approximately 10:46 a.m. on December 5,
2003, the market price of COCO fell precipitously from $57.45 to as
low as $38.97 per share within 12 minutes. At 10:58 a.m., Nasdaq
halted trading in COCO, stating that the plunge was caused by
"misuse or malfunction" of an electronic trading system. Nasdaq
permitted trading to resume approximately one hour later at 11:55
a.m. When COCO reopened at 11:55 a.m., the price of the stock
recovered quickly. Approximately 30 minutes after trading in COCO
resumed, Nasdaq belatedly announced that it would cancel all trades
in COCO made between 10:46 a.m. and 10:58:08 a.m. At no time prior
to approximately 12:30 p.m. did Nasdaq inform investors that it
would cancel all trades in COCO between 10:46 a.m. and 10:58:08
a.m. Therefore, during the period between the time COCO resumed
trading at 11:55 a.m. and the time Nasdaq announced the
cancellation of such trades at approximately 12:30 p.m., investors
made trading decisions in reliance on Nasdaq's statement that
trading had resumed and without knowing that Nasdaq had decided to
cancel the trades between 10:46 a.m. and 10:58:08 a.m. Nasdaq's
belated cancellation of such trades caused injury to investors who
traded COCO securities between 10:46 a.m. and approximately 12:30
p.m. on December 5, 2003. Plaintiff seeks to recover damages on
behalf of all those who traded the stock of Corinthian between
10:46 a.m. and approximately 12:30 pm on December 5, 2003. If you
traded the stock of Corinthian between 10:46 a.m. and approximately
12:30 p.m. on December 5, 2003, you may wish to join in the action
to serve as lead plaintiff. In order to do so, you must meet
certain requirements set forth in the applicable law and file
appropriate papers no later than February 9, 2004. Wolf Haldenstein
has extensive experience in the prosecution of securities class
actions and derivative litigation in state and federal trial and
appellate courts across the country. The firm has approximately 60
attorneys in various practice areas; and offices in Chicago, New
York City, San Diego, and West Palm Beach. The reputation and
expertise of this firm in shareholder and other class litigation
has been repeatedly recognized by the courts, which have appointed
it to major positions in complex securities multi-district and
consolidated litigation. If you wish to discuss this action or have
any questions, please contact Wolf Haldenstein Adler Freeman &
Herz LLP at 270 Madison Avenue, New York, New York 10016, by
telephone at (800) 575-0735 (Fred Taylor Isquith, Esq., Gregory M.
Nespole, Esq., Christopher S. Hinton, Esq., George Peters, or Derek
Behnke), via e-mail at or visit our website at
http://www.whafh.com/ . All e-mail correspondence should make
reference to Corinthian Colleges. DATASOURCE: Wolf Haldenstein
Adler Freeman & Herz LLP CONTACT: Fred Taylor Isquith, Esq.,
Gregory M. Nespole, Esq., Christopher S. Hinton, Esq., George
Peters or Derek Behnke, all of Wolf Haldenstein Adler Freeman &
Herz LLP, 1-800-575-0735, Web site: http://www.whafh.com/
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