Anixter International Inc. announced that on March 29, 2012, the United States District Court for the Northern District of Illinois, Eastern Division, granted the Company’s motion to dismiss the purported securities class action suit brought against the Company by Plaintiffs Garden City Employees’ Retirement System et al. The case was dismissed in its entirety with prejudice, resulting in a termination of all claims.
“We are pleased with the Court’s ruling to dismiss the shareholder lawsuit as it was our belief from the beginning that this case had no foundation,” said Robert Eck, President and CEO of Anixter. “We have always been proud of our strong, disciplined external reporting and disclosure processes, so it is rewarding to see that the Court has rejected the plaintiffs’ unfounded claims.”
Anixter International is a leading global distributor of communication and security products, electrical and electronic wire and cable, fasteners and other small parts. The company has more than 450,000 products and over $1.0 billion in inventory; 225 warehouses with approximately 7 million square feet of space; and locations in over 260 cities in more than 50 countries. Founded in 1957 and headquartered near Chicago, Anixter trades on The New York Stock Exchange under the symbol AXE.
SOURCE Anixter International Inc.Tagged with tED