Anixter International Inc. Shareholder Lawsuit

MARCH 2012 - Case dismissed.

An investor in Anixter International Inc. (Public, NYSE:AXE) has filed a lawsuit in the United States 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 and others.

According to the complaint the plaintiff alleges that Anixter International and certain of its executives violated the Exchange Act by issuing between January 29, 2008 and October 20, 2008numerous positive statements regarding Anixter International’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 announced its financial results for the third quarter of 2008, the period ending September 26, 2008. For the quarter, Anixter International 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 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 Inc. and its subsidiaries. Anixter International 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 reported in 2007 Total Revenue of $5.8529billion with a Net Income of $253.50million and in 2008 Total Revenue of $6.1366billion with a Net Income of $195.70million. Shares of Anixter International (NYSE: AXE) traded recently at $39.09 per share, down from a 52weekHigh of $68.91 per share and over $84 per share in 2007.