CHICAGO, Oct. 16, 2009 (GLOBE NEWSWIRE) -- Morningstar, Inc. (Nasdaq:MORN), a leading provider of independent investment research, today announced that on Oct. 13, 2009, it notified the Nasdaq Stock Market Listing Qualifications department that Cheryl Francis, chair of the company's audit committee of the board of directors, may have failed to meet the requirements of Marketplace Rule 5605(c)(2)(A) because her two sons shared a residence with her while they were previously employed by Morningstar as summer interns, and their salaries could be considered indirect compensation to Ms. Francis. Among other things, the rule prohibits an audit committee member from receiving direct or indirect compensation from a company other than for service as a member of the company's audit committee or board.
On Oct. 14, Morningstar received a Staff Deficiency Letter from Nasdaq's Listing Qualifications department, indicating that Morningstar did not comply with the marketplace rule as a result of Morningstar's previous employment of Ms. Francis' sons. The internships have been completed, and Nasdaq has determined that Morningstar is now in compliance and the matter is closed.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. Morningstar provides data on nearly 325,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 4 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. The company has operations in 20 countries and minority ownership positions in companies based in two other countries.
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