NEW YORK, Sept. 21, 2005 (PRIMEZONE) -- Notice is hereby given that a securities class action lawsuit was filed in the United States District Court for the Eastern District of New York on behalf of purchasers of the securities of DHB Industries, Inc. ("DHB" or the "Company") (AMEX:DHB) between April 29, 2004 to August 29, 2005, inclusive (the "Class Period") seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
If you purchased DHB securities during the Class Period, you may, no later than November 8, 2005, move the court to serve as a lead plaintiff, provided you meet certain legal requirements. To serve as a Lead Plaintiff, you will be required to sign the Certification, as provided on our Website at www.nyclasslaw.com/join.html
The Complaint alleges that, throughout the Class Period, defendants disseminated in press releases and SEC filings positive statements that were materially false and misleading because they failed to disclose that a material portion of the Company's bulletproof vests contained a material amount of Zylon fibers whose effectiveness at stopping bullets degraded over time. By the beginning of the Class Period, defendants knew, or recklessly disregarded, that vests containing Zylon could potentially fail to stop bullets because of fiber degradation, and that serious concerns about their use in body armor was growing in the law enforcement community.
While the price of the Company's securities was artificially inflated, and before its collapse, DHB insiders sold a total of 11,288,789 shares of DHB common stock, reaping gross proceeds of over $220 million.
On August 30, 2005, following disclosure of the above information, the price of DHB common stock fell by 23%, from $6.66 per share on August 29, 2005 to $5.10 per share on August 30, 3005, on unusually heavy trading volume. DHB's stock price continued to decline, falling to $4.58 by the close of August 31, 2005.
Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of DHB securities during the Class Period. Plaintiff is represented in this class action by the law firm of Bull & Lifshitz, LLP. Bull & Lifshitz, LLP has extensive experience in litigating investor class actions. For more information regarding Bull & Lifshitz, LLP, please view our website at www.nyclasslaw.com.
For an information package (www.nyclasslaw.com/infopackage.html) or if you wish to discuss this action, or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com