INVESTOR NOTICE: MURRAY, FRANK & SAILER LLP FILES SHAREHOLDER CLASS ACTION AGAINST TASER INTERNATIONAL, INC. - TASR
New York, NY (PrimeZone) January 12, 2005 - Murray, Frank & Sailer LLP announces a class action lawsuit on behalf of purchasers of the securities of TASER International, Inc. (“TASER” or the “Company”) (NASDAQ: TASR) between May 29, 2003 and January 10, 2005, inclusive (the “Class Period”).
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The complaint charges TASER, Phillips Smith, Patrick Smith, and Thomas Smith with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company actively and continually obscured the truth about the safety of its TASERs; (2) that even after it was revealed that more than 70 people had died in North America in TASER-related incidents, the Company vehemently asserted that its weapons were safe, in order to maintain profitability; (3) that the Defendants accelerated the Davidson's deal in the fourth quarter of 2004, in order to book the revenue, so TASER did not have to report its first quarter-to-quarter revenue decline in nearly two years; and (4) as a result, the Company lacked any reasonable basis for any statements it made regarding profitability and safety.
On January 6, 2005, just before midnight, TASER announced that it was cooperating with an informal inquiry letter from the SEC regarding the safety of TASER® products and a recent order received from Davidson's, Inc. This news shocked the market. Shares of TASER fell $4.90 per share, or 17.74 percent, on January 7, 2005, to close at 22.72 per share. Then on Monday, January 10, 2005, TASER shares tumbled another $2.67 per share or 11.75 percent, to close at $20.05 per share. On January 11, 2005, TASER released a letter to its shareholders and customers regarding the SEC investigation and the general state of the Company. Following the announcement, shares of TASER were down another $5.95 per share or 29.68 percent on January 11, 2005, and last traded at $14.10 per share.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired TASER securities on any exchange between October 29, 2003 and January 10, 2005, and sustained damages, you may, no later than March 11, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United Statesmay also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff’s counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.
Murray, Frank & Sailer LLP
Eric J. Belfi
Fax: (212) 682-1892
Email: [email protected]