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.
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