NEW YORK, Jan. 21, 2005 (PRIMEZONE) -- Notice is hereby given that a securities class action lawsuit was filed in the United States District Court for the District of Arizona on behalf of purchasers of the securities of TASER International, Inc. ("TASER" or the "Company") (Nasdaq:TASR) between October 18, 2004 and January 6, 2005, inclusive (the "Class Period") seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
If you purchased TASER securities during the Class Period, you may, no later than March 11, 2005, move the court to serve as a lead plaintiff, provided you meet certain legal requirements. To serve as a Lead Plaintiff, you will be required to sign the Certification, as provided on our website at www.nyclasslaw.com/join.html.
The Complaint alleges that, throughout the Class Period, TASER has aggressively fostered the perception that its products are non lethal, generally safe and, therefore, ideal for temporarily incapacitating suspects without killing them or causing permanent injuries. This perception was crucial to the marketability of TASER products and the success of the Company. The Class Period statements particularized in the Complaint, were materially false and misleading because, in marked contrast to the Company's unequivocally positive characterization of the study's conclusions, the study in fact found that TASER technology could be dangerous and that more information was needed to evaluate its risks. During the Class Period, TASER insiders, including the individual defendants, sold a total of 3,317,212 shares of TASER common stock for gross proceeds of $96,261,155.
On January 6, 2005, after the close of ordinary trading, TASER issued a press release announcing that the SEC had commenced an inquiry into the Company's statements concerning the safety of its products. In addition, the SEC sought information concerning a suspicious, large end of quarter (4Q) sale to one of the Company's distributors. In reaction to this announcement, the price of TASER common stock plummeted, falling from $27.62 per share on January 6, 2005, to $21.29 per share on January 7, 2005, a one day drop of 23% on unusually heavy trading volume of over 35 million shares.
Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of TASER securities during the Class Period. Plaintiff is represented in this class action by the law firm of Bull & Lifshitz, LLP. Bull & Lifshitz, LLP has extensive experience in litigating investor class actions. For more information regarding Bull & Lifshitz, LLP, please view our website at www.nyclasslaw.com.
For an information package (www.nyclasslaw.com/infopackage.html) or if you wish to discuss this action, or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.