Firms are obligated to cancel any subject transactions done at the specified times that were not executed through the NASDAQ Market Center, but submitted to the Automated Confirmation Transaction Service (ACT) for clearing or trade-reporting (e.g. internalized trades.) NASDAQ determined this action was necessary for the protection of investors and the public interest and for the maintenance of a fair and orderly market. For the same reason, NASDAQ determined transactions canceled as a result of the action are not subject to review by the Market Operations Review Committee or at higher executive levels within NASDAQ.
Video Display Corporation was in no way responsible for the trading that took place in this situation. Video Display Corporation was fully cooperative with NASDAQ throughout the event, providing any necessary information and clarification with regard to the activity. NASDAQ is extremely appreciative of Video Display's continued cooperation in this matter.
NASDAQ implemented a regulatory trading halt for News Pending in Video Display Corporation Corp. at 9:37:25 a.m. On September 8, 2004, Video Display Corporation declared that it would issue a two for one stock split payable on October 31, 2004, which was later revised to November 1, 2004. This established November 2, 2004 as the ex-dividend date. This information was posted to www.nasdaqtrader.com at the time of the change.
Trading in Video Display Corporation will resume trading on November 1, 2004 following dissemination of this news. Trading resumption times will be posted on www.nasdaqtrader.com, per normal practice. Market participants should reflect their quotes accordingly.
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Cautionary Note Regarding Forward-Looking StatementsThe matters described herein may contain forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the control of The NASDAQ Stock Market, Inc. (the "Company"), which could cause actual results to differ materially from historical results, performance or other expectations and from any opinions or statements expressed or implied with respect to future periods. These factors include, but are not limited to, the Company's ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in the Company's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
