Paskowitz & Associates Brings Class Action On Behalf of DHB Industries, Inc. Shareholders
September 27 2005 - 12:00PM
Business Wire
Paskowitz & Associates announced today that it has commenced a
class action in the United States District Court for the Eastern
District of New York against DHB Industries, Inc. (Amex: DHB -
News) and certain individual defendants. The alleged class consists
of purchasers of DHB securities between April 21, 2004 and August
29, 2005, inclusive (the "Class Period"). If you wish to discuss
this action or have questions concerning this notice or your rights
as a class member, you may contact Laurence Paskowitz, Esq. toll
free at 1-800-705-9529 for more information, or by e-mail by
writing to classattorney@aol.com. There is no cost or fee to you
for information regarding your rights in this class action, or for
case materials you may wish to have sent to you. The complaint
alleges that during the Class Period, DHB and certain individual
defendants, including CEO David Brooks, violated the Securities
Exchange Act of 1934 by making false statements or failing to
disclose adverse facts known to them about DHB. Defendants'
fraudulent scheme, it is alleged: (a) deceived the investing public
regarding DHB's prospects and business; (b) artificially inflated
the prices of DHB's publicly traded securities; and (c) caused
members of the Class to purchase DHB's publicly traded securities
at inflated prices. It is also alleged that while DHB's securities
were artificially inflated, insiders sold over $220 million of
common stock. A September 8, 2005 article about DHB appearing in
The Motley Fool and authored by Seth Jayson states: "Now that (DHB)
has cratered to one-fourth its former high price, I don't see any
insider buying. Instead, I see insiders granting themselves a giant
pile of warrants, including a ludicrous 1.5 million to (CEO David)
Brooks at a $1 strike price, vesting immediately -- with another
750,000 vesting each year until 2010 ... Mix in overly generous
housing and personal benefits and a slew of creepy related-party
transactions that enrich family members, and you can only come to
the conclusion that Brooks believes that what's his is his, and
what's yours is his too." If you purchased DHB securities during
the Class Period, April 21, 2004 and August 29, 2005, you may
qualify to serve as Lead Plaintiff on behalf of the Class. Motions
for appointment to the Lead Plaintiff position must be filed no
later than November 8, 2005. You are not required to have sold your
DHB securities in order to claim damages, or to serve in this role.
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