LOS ANGELES, Oct. 19, 2005 (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 Eastern District of New York on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired securities of DHB Industries, Inc. ("DHB" or the "Company") (AMEX:DHB) between April 21, 2004 and August 29, 2005, 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 to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges DHB and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning DHB's operations and prospects caused the Company's stock price to become artificially inflated, inflicting damages on investors. DHB is a holding company engaged in the manufacture and marketing of protective body armors. The Complaint alleges that defendants' Class Period representations were materially false and misleading when made for the following reasons: (1) DHB's body armor products were unsafe and defective; (2) the Company knew that DHB's body armor products were unsafe and defective, but continued to falsely represent that its body armor products were safe and of high quality; (3) defendants knew and/or recklessly disregarded that continued sales of its unsafe and defective body armor products could have a material adverse effect on DHB's finances; and (4) DHB lacked adequate internal controls and, as a result, was unable to determine the true financial impact of withdrawal of any of its products.
On August 30, 2005, DHB announced that it would take a third quarter charge of up to $60 million to discontinue production of certain bulletproof vests because of safety concerns. Following this announcement, on that same day, August 30, 2005, shares of DHB fell $1.56 per share, or 23.42 percent, to close at $5.10 per share on unusually heavy trading volume.
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 November 8, 2005, 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) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.