PHILADELPHIA, Jan. 18 2005 – LAWFUEL – The Law News Network — The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit was commenced in the United States District Court for the District of Arizona on behalf of purchasers of the common stock of Taser International, Inc. (“Taser” or the
“Company”) (Nasdaq: TASR) between October 18, 2004 through January 6, 2005,
inclusive (the “Class Period”) against Taser and certain officers and
directors of the Company.
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by
issuing a series of material misrepresentations to the market between
October 18, 2004 and January 6, 2005, thereby artificially inflating the price
of Taser securities. Throughout the Class Period defendants issued numerous
statements describing the safety of its products which were materially false
and misleading because they failed to disclose and/or misrepresented the
following adverse facts, among others: (1) that the Company’s Taser M26 and
X26 are unsafe; (2) that defendants knew or recklessly disregarded the fact
that the Company’s Taser M26 and X26 have safety concerns; (3) that defendants
knew or recklessly disregarded the fact that the Company’s M26s and X26s
severe safety concerns were likely to limit the long term marketability of the
Taser M26 and X26; and (4) that the defendants failed to warn the public of
the potential harm of the Company’s M26 and X26, in order to preserve the
Company’s profits from the “stun” guns.
On January 6, 2005, after the market closed, the Company issued a press
release entitled “Taser International, Inc. Cooperates with SEC Informal
Inquiry.” In the press release, the Company disclosed that the Securities and
Exchange Commission is beginning an inquiry into claims and statements made by
Taser on the safety of its stun guns. Further, as stated in the press release,
the SEC is also looking into an end of year order totaling $1.5 million.
If you purchased Taser securities during the Class Period, you may, no
later than March 10, 2005, move to be appointed as a Lead Plaintiff in this
class action. A Lead Plaintiff is a representative, chosen by the Court, that
acts on behalf of other class members in directing the litigation. The Private
Securities Litigation Reform Act of 1995 directs Courts to assume that the
class member(s) with the “largest financial interest” in the outcome of the
case will best serve the class in this capacity. Courts have discretion in
determining which class member(s) have the “largest financial interest,” and
have appointed Lead Plaintiffs with substantial losses in both absolute terms
and as a percentage of their net worth.
If you have sustained substantial losses in Taser securities during the
Class Period, please contact Spector, Roseman & Kodroff, P.C. at
[email protected] for a more thorough explanation of the Lead Plaintiff
selection process. If you have relatively small losses, your ability to
participate in any recovery will be protected by the Lead Plaintiff(s), and
you need take no affirmative steps at this time.
If you wish to join this action, please visit
http://www.srk-law.com/dbjoinaclassaction.asp. If you wish to discuss this
action or have any questions concerning this notice or your rights or
interests, please contact plaintiff’s counsel Robert M. Roseman toll-free at
888-844-5862 or via e-mail at [email protected] For more detailed
information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania,
concentrates its practice in complex litigation including actions dealing with
securities laws, antitrust, contract and commercial claims. The firm is
active in major litigation pending in federal and state courts throughout the
United States. The firm’s reputation for excellence has been recognized on
repeated occasions by courts which have appointed the firm as lead counsel in
numerous major class actions involving violations of the federal securities
laws and the federal antitrust laws, and consumer fraud. As a result of the
efforts of the firm, and its members, billions of dollars have been recovered
through judgments and settlements on behalf of thousands of defrauded
shareholders and companies.