Anixter International Inc (NYSE: AXE) Investor Securities Class Action Lawsuit 09/11/2009

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Company Name(s): 
Anixter International
Case Name: 
Anixter International Shareholder Class Action Lawsuit 09/11/2009
Case Status: 
Case Dismissed
Affected Securities
NYSE: AXE
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/11/2009
Class Period Begin: 
01/29/2008
Class Period End: 
10/20/2008
Court of Filing: 
U.S. District Court for the Northern District of Illinois
Deadline To File for Lead: 
11/10/2009
Case Dismissed: 
03/29/2012
Summary: 

March 29, 2012 - The court granted defendants' motion to dismiss with prejudice.

May 26, 2011 - Defendants filed a motion to dismiss.

April 28, 2011 - The lead plaintiff filed an amended consolidated complaint.

March 31, 2011 - The court granted defendants' motion to dismiss without prejudice.

February 19, 2010 - Defendants filed a motion to dismiss.

January 6, 2010 - The lead plaintiff filed an amended complaint.

November 17, 2009 - Lead plaintiff and lead counsel were appointed.

November 10, 2009 - Lead plaintiff motion was filed.

September 11, 2009 - An investor in shares of Anixter International Inc (NYSE: AXE) filed a lawsuit in the U.S. District Court for the Northern District of Illinois on behalf of purchasers of the common stock of Anixter International Inc (NYSE: AXE) between January 29, 2008 and October 20, 2008, over alleged violations of Federal Securities Laws by Anixter International Inc and others.

According to the complaint the plaintiff alleges that Anixter International Inc and certain of its executives violated the Exchange Act by issuing between January 29, 2008 and October 20, 2008 numerous positive statements regarding Anixter International Inc’s financial condition, business and prospects, that were materially false and misleading because defendants failed to disclose specific adverse facts. On October 21, 2008, Anixter International Inc announced its financial results for the third quarter of 2008, the period ending September 26, 2008. For the quarter, Anixter International Inc reported sales of $1.59 billion and net income of $61.7 million, or $1.58 per diluted share. In response to this announcement, so the lawsuit, the price of Anixter International Inc common stock (NYSE: AXE) 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.

Anixter International Inc, located in Glenview, IL, is engaged in the distribution of communications and electrical wire and cable products and fasteners and other small parts, through Anixter International Inc and its subsidiaries. Anixter International Inc also supplies original equipment manufacturers (OEMs), in a range of end markets, which use the Company’s products as a component in their end product. Anixter International Inc reported in 2007 Total Revenue of $5.8529 billion with a Net Income of $253.50 million and in 2008 Total Revenue of $6.1366 billion with a Net Income of $195.70 million. Shares of Anixter International Inc (NYSE: AXE) traded recently at $39.09 per share, down from a 52 week High of $68.91 per share and over $84 per share in 2007.