Good news for DHB.
DHB Industries Shareholder Derivative Action
Dismissed
Thursday March 13, 2:20 pm ET
CARLE PLACE, N.Y., March 13 /PRNewswire-FirstCall/ -- DHB Industries Inc. (Amex:
DHB - News), the market leader in the rapidly growing protective body armor industry,
announced today the dismissal of a shareholder derivative action against DHB and six
of its officers and directors brought by the Plumbers & Pipefitters Local 112 Pension
Fund in October of 2002.
In the favorable decision on DHB's
motion to dismiss, the Honorable Ira
B. Warshawsky, Justice, Supreme
Court, State of New York, County of
Nassau states, "The evidence
before me does not indicate that this
is a garden variety claim of heedless
director self dealing, mindless of
peril to the company, or of
negligence. Every major decision
which plaintiff complains vis-a-vis
the board seems to involve a labor
issue. The complaint about the
defendants' management of the
company are about defendants'
resistance to labor's demands and
retaliatory action taken against
them."
Commenting on the dismissal of the lawsuit, David H. Brooks, Chief Executive Officer of
DHB Industries Inc. stated, "We have always maintained that this was a frivolous lawsuit
motivated by an unscrupulous union and that it would be promptly dismissed. This
action validates our contention that the suit was brought by a union seeking to organize
DHB's subsidiary by disseminating false information about the Company and its
products to force the Company to accept union representation without a democratic
vote. We are pleased that we can now put this lawsuit to rest and get on with what we
do best -- running our business successfully and providing body armor products that
save lives and protect our nation's military and law enforcement.
About DHB Industries
DHB Industries Inc.'s Armor Group is the market leader in the rapidly growing protective
body armor industry. Its highly recognized subsidiaries, Point Blank Body Armor Inc.
and Protective Apparel Corporation of America (PACA) are focused on the design,
manufacture, and distribution of bullet resistant and protective body armor for military,
law enforcement, and corrections in the US and worldwide. DHB Armor Group's
customers include the U.S. Army, Air Force, Navy, Marines, Coast Guard, Secret
Service, FBI, DEA, INS, ATF, NATO, U.S. Marshals, the NYC Police Department, the LA
Police Department, and the California Highway Patrol.
DHB Sports Group produces and markets a comprehensive line of athletic supports
and braces which are merchandised through national superstore chains including
Target and Wal-Mart, as well as private label distributors such as Meijer, Amerisource,
Cardinal Health, and CDMA. |
