NEW YORK, Nov. 5, 2004 (PRIMEZONE) -- Murray, Frank & Sailer LLP has filed a class action lawsuit on behalf of all purchasers of AXIS Capital Holdings Limited ("AXIS") (NYSE:AXS) during the period between August 6, 2003 and October 14, 2004 (the "Class Period").
The complaint charges AXIS, Michael A. Butt, Andrew Cook, and John R. Charman with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that AXIS entered into illegal "contingent commission agreements" with insurance companies to pay so- called "contingent commissions"; (2) that AXIS concealed these "contingent commissions" and such "contingent commission agreements," thereby subjecting defendants to various violations of applicable principles of fiduciary law, and (3) that as a result of this illegal scheme, defendants, throughout the Class Period, materially overstated and artificially inflated AXIS' earnings, income, and earnings per share.
On October 14, 2004, New York Attorney General Eliot Spitzer announced that he had charged several of the nation's largest insurance companies and the largest broker with bid rigging and payoffs that he claimed violated fraud and competition laws. On this news, shares of AXIS fell $1.69 per share, or 6.53 percent, to close at $24.20 per share on unusually high trading volume on October 14, 2004.
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 acquired the shares of AXIS, on any world exchange, between August 6, 2003 and October 14, 2004, and sustained damages, you may, no later than December 27, 2004, move the Court to serve as lead plaintiff of the class. Shareholders outside the United States may also join the action, regardless of where they live or which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.