Knight being sued! "Again" Sept 28, 2004 13:28:00 GMT -5
Post by fastwalker on Sept 28, 2004 13:28:00 GMT -5
Knight being sued! "Again"
September 28, 2004 12:53 PM ET
LAS VEGAS, Sep 28, 2004 (BUSINESS WIRE) -- A lawsuit previously filed in Las Vegas, New York and New Jersey by a major stockholder, Mr. Gary W. Walters in NanoSignal Corporation (NNOS, Trade) alleges that a group of major Wall Street institutions has systematically damaged the market for the stock of NNOS and many other companies by flooding the market with fraudulently manufactured, virtually counterfeit shares. The shareholder requests that all fellow shareholders invoke their rights to call specifically for the actual certificates in a "mark to market" event.
By using its "Stock Borrow Program" for the personal profit of its members, New York's Depository Trust Company (DTC) has it is believed created artificial shares in NNOS, the lawsuit (Case No. A491236) filed by Las Vegas resident Gary W. Walters claims.
One defendant in the lawsuit, Jersey City-based stockbroker Knight Trading Group, Inc. is presently believed to be "short" approximately 447 million shares of NNOS shares, Mr. Walters' lawsuit alleges. That is more than double the number of NNOS legitimately issued and outstanding shares. "There is only one possible conclusion because DTC and its National Securities Clearing Corporation subsidiary (NSCC) have created hundreds of millions of counterfeit electronic shares that don't actually exist," Walters says.
The market value of NanoSignal's shares has been damaged by these illegal practices, Mr. Walters' lawsuit states, and he seeks to recover damages from all defendants in this suit. "I feel that my lawsuit will remind others that in all of their activities, the financial institutions that comprise Wall Street must always put the interests of the small investor first. If my suit prevails, Wall Street will have to undergo a major paradigm shift." One of the suggested first steps for each investor is to specifically call for their owned certificates in actual certificate form and take physical possession of their NanoSignal certificates, thus removing them from all Street names. "In the future it should become more obvious as to why physical possession is deemed important, when taking physical possession of ones actually owned shares," Walters states.
NOTE: This press release contains statements that may constitute forward-looking statements pursuant to the safe harbor provisions of the Private Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and assumptions and involve a number of uncertainties and risks that could cause actual results to differ materially from those currently expressed in any such forward-looking statements. The forward-looking statements herein speak only as of the date of this press release. NanoSignal does not undertake to update any forward-looking statement that may be made from time to time by it or on behalf of NanoSignal. This report has been compiled from information provided by NanoSignal Corporation ("NanoSignal" or the "Company"). This report is published solely for information purposes, and is not to be construed as an offer to sell nor the solicitation of an offer to buy any security in any state or other jurisdiction. Investment in the securities of the Company should only be considered by persons who are aware of, suited to, and able to bear the risks involved. The Company's investor relations representative and/or its officers, directors or principal stockholders may, from time to time, have a long or short position in the securities of this Company. The investor relations representative is a paid consultant to the Company. Further information with respect to any matter discussed in this report is available upon request. In compliance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, NanoSignal notes that the statements contained in this report that are not historical facts may be forward-looking statements that are subject to a variety of risks and uncertainties. NanoSignal wishes to caution readers of this report that these risks and uncertainties may cause NanoSignal's actual results to differ materially from those that may be implied by any forward-looking statements made it, or on its behalf. These risks and uncertainties include, without limitation, general economic and business conditions affecting the demand for NanoSignal's services, competition from existing and future technologies, the possible unavailability of financing on favorable terms, and many other factors.
SOURCE: NanoSignal Corporation
Princeton Research, Inc. for NanoSignal
Mike King, 702-650-3000 (Investor Relations)
Customize your Business Wire news & multimedia to match your needs.
Get breaking news from companies and organizations worldwide.
Logon for FREE today at www.BusinessWire.com.