LOS ANGELES, May 5, 2004 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Northern District of Texas on behalf of a class (the "Class") consisting of all persons who purchased or otherwise acquired securities of Abatix Corporation ("Abatix" or the "Company") (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").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Abatix and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' omissions and material misrepresentations during the Class Period artificially inflated the Company's stock price, inflicting damages on investors. Abatix markets and distributes personal-protection and safety equipment and supplies. The Complaint alleges defendants knew but failed to disclose certain material facts, including that: (i) the Company had not verified the proprietary nature of RapidCool or that Abatix had in fact obtained exclusive worldwide distribution rights; (ii) Abatix had neither verified that Goodwin Group LLC was the assignee of RapidCool-related patents nor the ownership of any patent applications filed with respect to the product line; and (iii) defendants had only been permitted to perform limited due diligence on the proprietary nature of RapidCool products before signing the distributorship agreement.
On April 21, 2004, the Company admitted that Abatix's April 14 press release, announcing an agreement with Goodwin Group LLC to distribute RapidCool products, created a significant increase in the price and volume of shares traded, "which Abatix believes was not warranted by Company developments."
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than June 22, 2004, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca