Milberg Weiss Announces Class Action Suit Against Knight Trading Group, Inc.
Business Editors & Legal Writers
NEW YORK--(BUSINESS WIRE)--Nov. 16, 2000
The following is an announcement by the law firm of Milberg Weiss Bershad Hynes & Lerach, LLP LLP - Lower Layer Protocol :
The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit class action lawsuit
A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax was filed on November 8, 2000, on behalf of purchasers of the securities of Knight Trading Group Inc. ("Knight" or the "Company") (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :NITE nite
Night. ) between July 19, 2000 and October 4, 2000, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at:
The action, numbered 00-5506 (KSH) is pending in the United States District Court for the District of New Jersey The United States District Court for the District of New Jersey is the Federal district court whose jurisdiction is the state of New Jersey. It was established in 1789. New Jersey is the largest state by population to only have one District Court.
The Honorable Garrett E. , located at 50 Walnut St., Newark, NJ 07102, against defendants Knight, Kenneth Pasternak (CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , President and Director), Robert Turner (Chief Financial Officer, Treasurer and Executive V.P.), Steven Steinman (Chairman of the Board of Directors until May 2000), Robert Lazarowitz (Executive V.P., Director and Chief Operating Officer Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Knight Capital Markets). The Honorable Katharine S. Hayden is the Judge presiding over the case.
The complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated prom·ul·gate
tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates
1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce.
2. thereunder, by issuing a series of material misrepresentations to the market between July 19, 2000 and October 4, 2000. For example, as alleged in the complaint, on July 19, 2000, defendants represented in an analysts conference call that they were comfortable with estimates of 20%-30% growth in earnings per share during the third quarter of 2000, over the comparable 1999 period. The complaint alleges that the statement was made without a reasonable basis, given operational problems known to defendants, and the Company's increasing international expansion costs. On November 4, 2000, Knight issued a press release announcing third quarter results that were well below its prior assurances. In reaction to this announcement, the price of Knight's shares dropped by 14% in one day. Prior to disclosing the above information, certain Knight insiders sold $50,000,000 worth of their personally held Knight common stock.
If you bought the securities of Knight between July 19, 2000 and October 4, 2000, you may, no later than January 16, 2001, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.
When a person begins a civil lawsuit, the person enters into a process called litigation. . In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.
Milberg Weiss Bershad Hynes & Lerach LLP (http://www.milberg.com) is a 160-lawyer firm with offices in New York City New York City: see New York, city.
New York City
City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , San Diego, San Francisco, Los Angeles, and Boca Raton and is active in major litigations pending in federal and state courts throughout the United States.
Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others, and has been responsible for more than $20 billion in aggregate recoveries. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:
Steven G. Schulman or Samuel H. Rudman One Pennsylvania Plaza, 49th fl. New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY, 10119-0165
Phone number: (800) 320-5081 Email: knightcase@milbergNY.com Website: http://www.milberg.com