SOURCE: Kendall Law Group

Kendall Law Group

September 15, 2009 17:54 ET

Kendall Law Group Announces Securities Class Action Against Anixter International Inc.

DALLAS, TX--(Marketwire - September 15, 2009) - Kendall Law Group, led by a former federal judge and former US Attorney, announced today that a lawsuit has been filed against Anixter International Inc. (NYSE: AXE) for securities violations related to public statements made by the company between January 29, 2008 and October 20, 2008.

Any shareholder, who purchased Anixter stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by November 11, 2009. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. If you wish to learn more about your rights as a shareholder or serving as a plaintiff, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.

The complaint, filed in the Northern District of Illinois, charges Anixter and certain of its officers and directors with violations of the federal securities laws concerning a series of false and misleading statements regarding the Company's financial condition. The complaint alleges that defendants failed to disclose that Anixter was in a pricing dispute with one of its Original Equipment Manufacturer customers, which would cost the company approximately $3 million. The Company was also experiencing a decrease in sales due to the decreased demand in the European and Asian markets and was experiencing operating margin pressure due to slower sales in the OEM supply. For these reasons, defendants' positive statements about the Company were misleading.

On October 21, 2008, Anixter announced its financial results for the third quarter of 2008 for the period ending September 26, 2008 reporting sales of $1.59 billion and net income of $61.7 million. In response to this announcement, the price of Anixter common stock fell approximately 40% over the next five trading days, closing at $29.06 per share on high trading volume on October 27, 2008.

Although every case is different, Kendall Law Group has participated in the recovery of over $800 million for defrauded shareholders. Led by a former federal judge and former U.S. Attorney, the firm has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder or serving as a lead plaintiff, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.

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