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Knight Announces Successful Conclusion of Dispute Resolution
Arbitration With Former Employee
All Improper Termination and 'Whistleblower' Claims Against Knight Dismissed
JERSEY CITY, N.J., Sept. 23 /PRNewswire-FirstCall/ -- Knight Trading Group,
Inc. (NASDAQ:NITE) today announced a favorable decision reached by an
arbitration panel, conducted by NASD Dispute Resolution, Inc., in connection
with arbitration claims filed on December 27, 2001, by a former employee,
Robert Stellato, against Knight Securities, L.P. ("KSLP"), a Knight Trading
Group subsidiary now known as Knight Equity Markets, L.P. The former employee
had sought in excess of $25 million in damages relating to his employment.
"We are very gratified by the ruling of the NASD's dispute resolution panel,"
said Thomas M. Joyce, Chief Executive Officer and President of Knight. "We have
always believed that once the facts were presented, Knight would be vindicated,
and today we were. We will continue to pursue our client-focused strategies to
build Knight's business platform and future prospects."
The former employee's central allegation involved his alleged improper
termination. However, the former employee also alleged, among other things, a
"whistleblower" claim for damages based on his allegation that during a
specified period KSLP allowed frontrunning of institutional orders to occur.
KSLP asserted denials of all of the former employee's claims and asserted
certain counterclaims against the former employee based on allegations that
were made in the former employee's arbitration filing that were later published
in The Wall Street Journal on June 4, 2002. The arbitration hearings commenced
in April 2003 and ended in September 2004.
On September 22, 2004, Knight was notified by NASD Dispute Resolution, Inc. of
the decision with respect to the arbitration. All claims related to the former
employee's alleged improper termination at KSLP were dismissed. In addition,
the arbitrators dismissed all of the former employee's "whistleblower" claims
for damages under the New Jersey Conscientious Employee Protection Act in which
he alleged that KSLP allowed frontrunning of institutional orders to occur. All
claims against KSLP for breach of contract were dismissed, except that the NASD
arbitration panel awarded the former employee the amount of $19,101.00 (without
interest) relating to the calculation of his override bonus payment for the
year 2000. All other claims and counterclaims in the arbitration were
dismissed.
Knight noted that arbitration awards are final and are not subject to review or
appeal by the arbitration panel or by NASD Dispute Resolution, Inc. Any party
wishing to challenge the award in court must make a motion to vacate or modify
the award in a federal or state court of appropriate jurisdiction. There are
very limited grounds for vacating an arbitration award, and a party must bring
a motion to vacate within the time period specified by applicable statute.
For further information on this proceeding, see the section entitled "Legal
Proceedings" in Part I, Item 3 of Knight's Annual Report on Form 10-K for the
year ended December 31, 2003.
Knight is focused on meeting the needs of institutional and broker-dealer
clients by providing comprehensive trade execution services in equities and
derivatives. A leading execution specialist, Knight offers capital commitment
and access to a deep pool of liquidity across the depth and breadth of the
equity market. Knight also operates an asset management business for
institutions and high net worth individuals. To be a valued partner, Knight
strives to provide superior client service and will continue to tailor its
offering to meet the needs of its clients. More information about Knight can be
obtained at http://www.knighttradinggroup.com/.
Certain statements contained herein constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on current expectations, estimates
and projections about the Company's industry, management's beliefs and certain
assumptions made by management. Readers are cautioned that any such
forward-looking statements are not guarantees of future performance and are
subject to certain risks, uncertainties and assumptions that are difficult to
predict. Since such statements involve risks and uncertainties, the actual
results and performance of the Company may turn out to be materially different
from the results expressed or implied by such forward-looking statements. Given
these uncertainties, readers are cautioned not to place undue reliance on such
forward-looking statements. Unless otherwise required by law, the Company also
disclaims any obligation to update its view of any such risks or uncertainties
or to announce publicly the result of any revisions to the forward-looking
statements made herein; however, readers should carefully review reports or
documents the Company files from time to time with the Securities and Exchange
Commission.
DATASOURCE: Knight Trading Group, Inc.
CONTACT: Margaret Wyrwas, Senior Managing Director, Corporate
Communications & Investor Relations, +1-201-557-6954,
, or Greta Morley, Assistant Vice President,
Marketing Communications & Public Relations, +1-201-557-6948,
, both of Knight Trading Group, Inc.
Web site: http://www.knighttradinggroup.com/