NEW YORK, Sept. 25, 2005 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Eastern District of New York on behalf of all purchasers of DHB Industries, Inc. ("DHB" or the "Company") (AMEX:DHB) securities between April 21, 2004 through August 29, 2005, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning DHB's financial results and business prospects. Specifically, the complaint alleges that DHB failed to disclose the true extent of the Company's potential liability regarding the effectiveness of Zylon and the bullet resistant products manufactured by the Company containing high concentrations of Zylon. As a result, the price of the Company's common stock was artificially inflated throughout the Class Period, allowing defendants to sell millions of shares of DHB common stock. On August 30, 2005, however, DHB announced that it had discontinued the use of Zylon in its bullet resistant products and that the Company would record a charge to third quarter earnings to account for the anticipated cost of a Zylon Replacement Program and discontinued sales of Zylon products. Following this announcement, shares of DHB common stock dropped from $6.66 to close at $5.10 on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of herself and all other individual and institutional investors who purchased or otherwise acquired DHB securities between April 21, 2004 and August 29, 2005, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased DHB securities during the Class Period, you may, not later than November 8, 2005, move the court to serve as lead plaintiff of the class, if you so choose. In order 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, please contact:
ANTHONY VOZZOLO, ESQ. BETH A. KELLER, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 Facsimile: (212) 983-9331 e-mail: Avozzolo@faruqilaw.com Bkeller@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.