NEW YORK, May 22, 2004 (PRIMEZONE) -- The law firm of Murray, Frank & Sailer LLP announced the commencement of a Class Action filed in the United States District Court in the Northern District of Texas, on behalf of all persons or entities who purchased or otherwise acquired Abatix Corp. ("Abatix" or the "Company") securities (Nasdaq:ABIX). Murray, Frank & Sailer LLP reminds investors that there is only one month left to file their certification forms. The lead plaintiff deadline is June 22, 2004.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Aaron D. Patton at Murray, Frank & Sailer LLP, 275 Madison Avenue, Suite 801, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682 1892, or by e-mail at info@murrayfrank.com.
The Complaint alleges that defendants violated the Securities Exchange Act of 1934 by making a series of materially false and misleading statements concerning the Abatix's business agreement with Goodwin Group LLC during the Class Period. Specifically, the Complaint alleges that Abatix knew but failed to disclose certain material facts, including that: (i) the Company had not verified the proprietary nature of RapidCool or that the Company had in fact, obtained the "exclusive worldwide rights to distribute RapidCool;" (ii) that Abatix had not verified that Goodwin Group LLC was the assignee of patents relating to RapidCool products, nor had defendants verified the ownership of any patent applications filed with respect to the product line; and (iii) defendants knew but failed to disclose that they had only been permitted to perform limited due diligence on the proprietary nature of RapidCool products before signing the distributorship agreement. As a result, the price of the Company's securities was artificially inflated during the Class Period. On April 21, 2004, the Company admitted that Abatix's April 14, 2004 press release announcing the signing of an agreement with Goodwin Group LLC to distribute the RapidCool (TM) product line created a significant increase in the price and volume of shares traded, "which Abatix believes was not warranted by Company developments."
As a result of defendants' false and misleading statements the price of Abatix securities was artificially inflated throughout the Class Period, causing plaintiff and the other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Murray, Frank & Sailer LLP. Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Abatix Corp. securities during the Class Period described above, you may, no later than June 15, 2004, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can obtain a certification form and join this action as a potential lead plaintiff online at http://www.murrayfrank.com/newcases_199.htm. Contact plaintiff's counsel Eric J. Belfi or Aaron D. Patton at Murray, Frank & Sailer LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca