SOURCE: Brower Piven, A Professional Corporation

September 25, 2009 16:13 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in Anixter International Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the November 10, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - September 25, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of the common stock of Anixter International Inc. ("Anixter" or the "Company") (NYSE: AXE) during the period between January 29, 2008 and October 20, 2008, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 10, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was in a pricing dispute with one of its Original Equipment Manufacturer ("OEM") customers, which would cost the Company approximately $3 million; that the Company was experiencing a decrease in sales in the European and Asian markets due to decreased demand for the Company's products; that the Company was experiencing operating margin pressure due to slower sales in its OEM supply business; and, that as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects. According to the complaint, during the week after the Company announced its financial results for the third quarter of 2008, the period ending September 26, 2008, including sales of $1.59 billion and net income of $61.7 million, or $1.58 per diluted share on October 21, 2008, the value of Anixter's stock declined significantly.

If you have suffered a net loss for all transactions in Anixter International Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/986-0036
    Email Contact