LOS ANGELES, Feb. 3, 2005 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the District of Arizona on behalf of a class (the "Class") consisting all persons or entities who purchased or otherwise acquired securities of TASER International Inc. ("TASER" or the "Company") (Nasdaq:TASR) between October 19, 2004 and January 10, 2005, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges TASER and certain of the Company's executive officers with violations of federal securities laws. Plaintiff claims defendants' omissions and material misrepresentations concerning TASER's financial performance and prospects artificially inflated the Company's stock price, inflicting damages on investors. TASER develops and manufactures less-lethal self-defense devices. The Complaint alleges that during the Class Period defendants failed to disclose or indicate that: (1) the Company actively and continually obscured the truth about the safety of its TASERs; (2) even after it was revealed that more than 70 people had died in North America in TASER-related incidents, the Company vehemently asserted that its weapons were safe, in order to maintain profitability; (3) the Defendants accelerated a distribution deal with Davidson's Inc. in fourth quarter 2004, in order to book the revenue, so TASER did not have to report its first quarter-to-quarter revenue decline in nearly two years; and (4) as a result, the Company lacked any reasonable basis for any statements it made regarding profitability and safety.
On January 6, 2005, just before midnight, TASER announced that it was the subject of an informal inquiry by the Securities & Exchange Commission into Company statements concerning the safety of its products and that the SEC sought information concerning a large end-of-quarter sale to one of the Company's distributors. On this news, TASER shares fell $4.90 per share, or 17.74 percent, on January 7, 2005, to close at 22.72 per share. On Monday, January 10, 2005, TASER shares tumbled another $2.67 per share or 11.75 percent, to close at $20.05 per share.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than March 11, 2005, to serve as lead plaintiff, however, you must meet certain legal requirements. 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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.