Anixter International Inc. Faces Long Term Shareholder Investigation

If you are a current long-term investor in Anixter International Inc. (NYSE:AXE), including those who purchased AXE shares prior to January 2008 and continue to hold their AXE shares, you have certain options and you should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this investigation, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Anixter International
Affected Securities: 
NYSE: AXE

A lawsuit against Anixter International Inc. is currently pending on behalf investors, who purchased AXE shares between January 29, 2008 and October 20, 2008. Meanwhile an investigation on behalf current long term investors of Anixter International Inc. (NYSE:AXE), including those who purchase AXE prior to January 2008 and continue to hold their AXE shares, concerning possible shareholder claims was announced.

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 reported in 2007 Total Revenue of $5.8529billion with a Net Income of $253.50million, in 2008 Total Revenue of $6.1366billion with a Net Income of $195.70million, and in 2009 Total Revenue of $4.9824billion.

According to the lawsuit pending 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, the plaintiff alleges that Anixter International and certain of its executives violated the Exchange Act. The plaintiff alleges that the defendants issued between January 29, 2008 and October 20, 2008 numerous 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. While Anixter International’s stock value appeared to be artificially inflated, certain of Anixter International's officers and directors sold their personally held shares, resulting in proceeds of at least $3.9 million dollars, so the lawsuit.

Then 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. Shares of Anixter International (NYSE: AXE) traded recently at $49.13 per share, down from $73.81 per share in 2008, and over $84 per share in 2007.