COLCHESTER, Conn., Feb. 18, 2005 (PRIMEZONE) -- Scott + Scott, LLC, a law firm nationally recognized for its dedication to its clients, filed a securities class action lawsuit against Taser International, Inc. ("Taser") (Nasdaq:TASR) in the United States District Court for the District of Arizona. The lawsuit was filed at the end of January and it is on behalf of all purchasers and /or acquirers of Taser securities between November 4, 2004 and January 6, 2005 (various complaints have been filed in this matter and the precise dates of the class period will be stated when the case is consolidated and the consolidated complaint is filed).
Taser's "stun-guns" have been the source of controversy for safety concerns and, while the State Government of Georgia's legislative subcommittee on Public Safety recommended not to ban the Taser products, an Ohio Sheriff was reported to have stated Wednesday that they will not use them until more studies are done. The use of these devices by that Sheriff's department (Lucas County) was banned following the death of a man who had been shocked by the Taser "gun."
Scott + Scott client/shareholders were shocked to learn that during the week following defendants' recent affirmation of the Company's products' safety, Taser insiders sold a total of $67 million worth of Taser stock. During the Class Period, Taser insiders, including the individual defendants, sold a total of 3,317,212 shares of Taser common stock for gross proceeds of $96,261,155.
You can reach attorney Neil Rothstein at nrothstein@scott-scott.com at 800/332-2259 or 619/251-0887. Scott + Scott has offices in Connecticut, Ohio and California. The firm (http://www.scott-scott.com ) specializes in securities litigation, employment/pension benefits and antitrust and represents foundations, individuals, corporations and pension funds worldwide. Taser was filed in federal court in Arizona.
Scott + Scott, LLC is currently committed to working on the restatement of earnings announced by Hypercom Corp. recently (NYSE:HYC). This company, also of Arizona, announced that it would restate almost $4 million for the first three quarters of 2004. Its auditor is Ernst & Young. The Company is expected to issue its fourth quarter and 2004 results by late February. The stock plunged 18% after the news came out. Scott + Scott is investigating on behalf of its clients the announcement by Performance Food Group (Nasdaq: PFGC), a Tennessee corporation, that it has delayed submitting its fourth quarter and year-end results. The Securities and Exchange Commission has now announced that it has opened an informal inquiry into anonymous allegations of accounting fraud as well as the fact that one of its subsidiaries may have made improper intercompany transfers of inventory to avoid internally established reserve requirements for aged inventory. Performance Food traded at over $40.00 a share in May and it now trades at just above $15.00. You can contact Mr. Rothstein for information on either of these matters.
Other cases recently settled, filed, in litigation or under investigation by the firm include OfficeMax, ImClone, Commerce Bancorp, Netflix, Merck, 51job, Inc., Pfizer, Direct General Corp. and more..
Scott + Scott, a Connecticut-based law firm with offices in Chagrin Falls, Ohio and San Diego, California, is a law firm with a national practice and reputation. The firm is currently litigating major securities, antitrust and employee retirement plan cases throughout the United States and represents pension funds, charities, foundations, individuals and other entities worldwide -- in both class and non-class cases. Scott + Scott dedicates itself to client communication and satisfaction. . Please visit our website at http://www.scottscott.com to learn more about the firm, its practice and other cases. If you wish to discuss this action with an attorney or have any questions concerning this notice, your rights or any matter within our expertise, please contact attorney Neil Rothstein at nrothstein@scott-scott.com or by calling 800/404-7770 (EST) or 800-332-2259 (PST). You can dial direct in California at 1/619-233-4565.
Scott + Scott, LLC is located at 108 Norwich Avenue, Colchester, CT 06415; phone: 860/537-3818; fax: 860/537-4432. This release is issued in accordance with the applicable U.S. federal law.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.
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