The 10b-5 Daily asked readers last week to nominate contenders for the title of “Shortest Class Period Ever In A Securities Class Action.” We have a winner.
Last December, a case was filed against the Nasdaq Stock Market on behalf of all persons who traded the stock of Corinthian Colleges, Inc. (Nasdaq: COCO) between 10:46 a.m. and approximately 12:30 p.m. on December 5, 2003. That’s a proposed class period of a mere one hour and forty-four minutes.
A number of readers submitted the Nasdaq case, but the quickest was Adam Savett. Honorable mention goes to Bruce Carton over at Securities Litigation Watch, who went to the database to confirm his “final answer.” No special prize this time, but The 10b-5 Daily is going to think about Carton’s t-shirt suggestion.