SOURCE: Izard Nobel LLP

September 11, 2009 17:47 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Anixter International Inc.

WEST HARTFORD, CT--(Marketwire - September 11, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of Illinois on behalf of those who purchased the common stock of Anixter International Inc. ("Anixter" or the "Company") (NYSE: AXE) between January 29, 2008 and October 20, 2008, inclusive (the "Class Period").

The Complaint charges that Anixter and certain of its executives violated federal securities laws by issuing materially false and misleading statements concerning Anixter's business and prospects. Specifically, defendants failed to disclose the following adverse facts: (i) that Anixter was in a pricing dispute with one of its Original Equipment Manufacturer ("OEM") customers, which would cost the Company approximately $3 million; (ii) that Anixter was experiencing a decrease in sales in the European and Asian markets due to decreased demand for the Company's products; and (iii) that Anixter was experiencing operating margin pressure due to slower sales in its OEM supply business, which traditionally produce higher operating margins.

On October 21, 2008, Anixter reported sales of $1.59 billion and net income of $61.7 million, or $1.58 per diluted share for the third quarter of 2008. On this news, The Company's common stock fell $18.76 per share, or approximately 40%, over the next five trading days, to close at $29.06 per share, on October 27, 2008.

If you are a member of the class, you may, no later than November 10, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/anixterinternational/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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