| Company: | Anixter International Inc. |
| Ticker Symbol: | AXE |
| Class Period: | Jan-29-08 to Oct-20-08 |
| Date Filed: | Sep-11-09 |
| Lead Plaintiff Deadline: | Nov-10-09 |
| Court: | Northern District of Illinois |
| Allegations: | |
The complaint charges Anixter and certain of its executives with violations of the Exchange Act. Anixter, together with its subsidiaries, distributes communications products, specialty wire and cable products, fasteners, and small parts. The Company is a global supplier of communications products used to connect voice, video, data and security systems. It provides electrical and electronic wire and cable, fasteners, and other small components to build, repair and maintain a variety of systems and equipment.
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.
On October 21, 2008, Anixter announced its financial results for the third quarter of 2008, the period ending September 26, 2008. For the quarter, the Company reported sales of $1.59 billion and net income of $61.7 million, or $1.58 per diluted share. In response to this announcement, the price of Anixter common stock fell $18.76 per share, or approximately 40%, over the next five trading days, to close at $29.06 per share, on October 27, 2008, on heavy trading volume
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.
