NEW YORK, Sept. 21, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of Anixter International Inc. ("Anixter" or the "Company") (NYSE:AXE) stock during the period between January 29, 2008 and October 20, 2008 (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Anixter common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by November 10, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint alleges that, throughout the Class Period, defendants made numerous positive statements regarding the Company's financial condition, business and prospects. The complaint further alleges that these statements were materially false and misleading because defendants failed to disclose the following adverse facts, among others: (i) that the Company was in a pricing dispute with one of its Original Equipment Manufacturer ("OEM") customers, which would cost the Company approximately $3 million; (ii) that the Company was experiencing a decrease in sales in the European and Asian markets due to decreased demand for the Company's products; (iii) that the Company was experiencing operating margin pressure due to slower sales in its OEM supply business, which traditionally produce higher operating margins; and (iv), as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
The Brualdi Law Firm, P.C. is New York, New York based law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, with a particular emphasis on sophisticated class action litigation in the securities, and antitrust areas as well as corporate derivative suits. More information about the firm is available through its website, www.brualdilawfirm.com, and upon request from the firm.
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