Hong Kong Exchange & Clearing Ltd. (OTCPINK: HKXCY) share volume shot through the roof Mar.14, with 1,223,516 shares changing hands, more than 26 times its three-month average volume of 45,562.
The tremendous uptick in volume is likely being fueled in part by the update on the class-action lawsuits being brought against one of the stock exchange’s subsidiaries London Metal Exchange. It’s important to note that the lawsuits are currently unproven allegations.
Update on Lawsuit Ongoing and New Lawsuits against Subsidiary
Here’s an excerpt from the press release:
As announced on 4 and 7 August 2013, the London Metal Exchange, a subsidiary of Hong Kong Exchanges and Clearing Limited, was named as a co-defendant in certain class action lawsuits filed in the United States. Further, as noted in HKEx’s announcement of the final results for 2013 published on Feb. 26, 2014, a total of 26 class actions have been filed against LME of which 19 also named LME Holdings, the immediate parent of LME, as a co-defendant. The class actions have been consolidated into three complaints, each composed of a different class of plaintiffs: (1) first level direct purchasers of primary aluminum from a smelter or an affiliate of a smelter (“Direct Purchasers of Primary Aluminum”); (2) commercial end users who purchased semi-fabricated aluminum; and (3) consumers who purchased Aluminium Consumer Products for their own use.
On Mar. 13 2014, HKEx was notified that it was also named as a co-defendant in the consolidated complaint of the Direct Purchasers of Primary Aluminium. The nature of the claim is broadly similar to that previously announced. The complaint alleges that HKEx purchased LME in December 2012 and that HKEx’s Chairman, Chief Executive, and Co-heads of Global Markets are Directors of LME and LMEH. HKEx management’s initial assessment is that the lawsuit is without merit and HKEx will contest it vigorously.
On Mar. 14, HKXCY’s share price closed at $14.72, down 5 cents from its close of $14.77 the previous day.
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Nikon Corp. Stock Volume Soars on News of Its New SLR Camera
Nikon Corp. (OTCPINK: NINOY) stock volume soared Mar. 14, 1,201,436 shares changing hands, more than double its three-month average volume of 50,898 shares.
The Japanese-based camera maker’s surge in volume comes on the heels of a new product being rolled out Mar. 13 when Nikon announced the release of the new Nikon 1 V3.
Rolls Out New SLR Camera
According to Nikon’s press release, the latest addition to the V series of Nikon 1 advanced cameras comes with interchangeable lenses that propose new forms of imaging expression. Along with the Nikon 1 V3, Nikon is also releasing the new 1 NIKKOR VR 10-30mm f/3.5-5.6 PD-ZOOM, a normal zoom lens compatible with the CX format and covering the 10-30mm range of focal lengths. The 1 NIKKOR VR 10-30mm f/3.5-5.6 PD-ZOOM is the world's lightest interchangeable lens equipped with a power-drive zoom function, and also the world's first interchangeable lens equipped with power-drive zoom to utilize an electrically controlled lens cover.
The compact and lightweight body of the Nikon 1 V3 enables superior mobility, yet offers performance with tracking of moving subject that exceeds that of digital SLR cameras. It is a model that offers excellent image quality with superior sharpness and definition, and an operational feel similar to that of a digital SLR camera.
The Nikon 1 V3 is equipped with an 18.4-million pixel super high-speed AF CMOS Sensor with no low-pass filter and the new EXPEED 4A image-processing engine, the combination of which enables superior image quality.
On Mar. 14, NINOY’s share price closed at $17.27, down 44 cents from its close of $17.71 the previous day.
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