| Company: | Abatix Corporation |
| Ticker Symbol: | NASD: ABIX |
| Class Period: | April 14, 2004 to April 16, 2004 |
| Court: | Northern District, TX |
| Date Filed: | Apr-23-04 |
| Lead Plaintiff Deadline: | Jun-22-04 |
| Allegations: |
A class action complaint has been filed in the United States District Court for the Northern District of Texas, 4-04CV-297-Y, on behalf of all persons or entities who purchased or otherwise acquired Abatix Corporation ("Abatix" or the
"Company") securities (Nasdaq:ABIX) between April 14, 2004 at 5:05 p.m. EST to April 16, 2004, at 9:27 a.m. EST, both times inclusive (the "Class Period"). The Complaint names Terry Shaver, Frank Cinatl IV, and the Company as defendants.
The Complaint alleges that defendants violated the Securities Exchange Act of 1934 by making a series of materially false and misleading statements concerning the Abatix's business agreement with Goodwin Group LLC during the Class Period. Specifically, the Complaint alleges that Abatix knew but failed to disclose certain material facts, including that: (i) the Company had not verified the proprietary nature of RapidCool or that the Company had in fact, obtained the "exclusive worldwide rights to distribute RapidCool;" (ii) that Abatix had not verified that Goodwin Group LLC was the assignee of patents relating to RapidCool products, nor had defendants verified the ownership of any patent applications filed with respect to the product line; and (iii) defendants knew but failed to disclose that they had only been permitted to perform limited due diligence on the proprietary nature of RapidCool products before signing the distributorship agreement. As a result, the price of the Company's securities were artificially inflated during the Class Period. On April 21, 2004, the Company admitted that Abatix's April 14, 2004 press release announcing the signing of an agreement with Goodwin Group LLC to distribute the RapidCool (TM) product line created a significant increase in the price and volume of shares traded, "which the Abatix believes was not warranted by Company developments."
As a result of defendants' false and misleading statements the price of Abatix securities was artificially inflated throughout the Class Period, causing plaintiff and the other members of the Class to suffer damages.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The Complaint alleges that defendants violated the Securities Exchange Act of 1934 by making a series of materially false and misleading statements concerning the Abatix's business agreement with Goodwin Group LLC during the Class Period. Specifically, the Complaint alleges that Abatix knew but failed to disclose certain material facts, including that: (i) the Company had not verified the proprietary nature of RapidCool or that the Company had in fact, obtained the "exclusive worldwide rights to distribute RapidCool;" (ii) that Abatix had not verified that Goodwin Group LLC was the assignee of patents relating to RapidCool products, nor had defendants verified the ownership of any patent applications filed with respect to the product line; and (iii) defendants knew but failed to disclose that they had only been permitted to perform limited due diligence on the proprietary nature of RapidCool products before signing the distributorship agreement. As a result, the price of the Company's securities were artificially inflated during the Class Period. On April 21, 2004, the Company admitted that Abatix's April 14, 2004 press release announcing the signing of an agreement with Goodwin Group LLC to distribute the RapidCool (TM) product line created a significant increase in the price and volume of shares traded, "which the Abatix believes was not warranted by Company developments."
As a result of defendants' false and misleading statements the price of Abatix securities was artificially inflated throughout the Class Period, causing plaintiff and the other members of the Class to suffer damages.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
