Team Saf T Lok, where are they today? David Brooks, DHB's CEO, Chairman and largest shareholder
"DHB Chief Executive David Brooks said he expects the stock to recover. “Every company of the right size is an acquisitions target but we’re selling at a very, very low price,” Mr. Brooks said. But “if someone makes us an offer we can’t refuse, we’ll look at it.” "
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Securities Fraud Case Against DHB Industries, Inc. - Filed First by Scott+Scott, LLC
COLCHESTER, Conn., Sept. 9 /PRNewswire/ -- Scott+Scott, LLC
(http://www.scott-scott.com) represents client shareholders in a securities
class action filed in the United States District Court for the Eastern
District of New York against DHB Industries, Inc. (Amex: DHB) and individual
defendants. Purchasers of DHB securities between April 21, 2004 through
August 29, 2005, inclusive (the "Class Period") are members of the purported
class. DHB designs, develops, manufactures and markets protective armor
through its subsidiaries, Point Blank Body Armor, Inc. and Protective Apparel
Corporation of America.
If you purchased DHB securities during the Class Period and wish to serve
as lead plaintiff, you must move the court no later than 60 days from today.
If you wish to discuss this action or have questions concerning this notice or
your rights as a class member, you may contact this firm for more information.
Scott+Scott will provide you with case materials, answer all questions
regarding your participation and rights and assist you with other services
that the firm provides. There is no cost or fee to you. Contact Scott+Scott
partner Neil Rothstein at nrothstein@scott-scott.com (800/332-2259, ext. 22 or
cell 619/251-0887) or attorney Amy K. Saba at asaba@scott-scott.com (800/332-
2259, ext. 26).
The complaint filed on September 9, 2005 by Scott+Scott alleges that
during the Class Period, DHB and certain individual defendants violated the
Securities and 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; (c) allowed defendants to sell approximately $195.4 million
of their own shares at inflated prices; and (d) caused members of the Class to
purchase DHB's publicly traded securities at inflated prices.
The plaintiff is represented by Scott+Scott, which has expertise in
prosecuting investor class actions. The firm dedicates itself to client
communication and satisfaction and currently is litigating major securities,
antitrust and employee retirement plan actions throughout the United States.
The firm represents pension funds, charities, foundations, individuals and
other entities worldwide.
SOURCE Scott+Scott, LLC
Web Site: scott-scott.com
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August 30, 2005
$60 mln charge chinks body armor maker DHB
by Catherine Tymkiw
Shares of DHB Industries Inc. sank to a 52-week low after the maker of body armor said it would take a charge of up to $60 million to stop production of some bulletproof vests. An analyst said it could be a takeover target.
DHB said today that it stopped production of a line of vests containing Zylon, a material intended to stop bullets, after the National Institute of Justice revoked certification of all vests containing the material because of safety concerns. DHB said it would help law enforcement agencies with replacement vests.
Investors pummeled the Westbury, L.I.-based company’s stock, pushing shares down as much as 24.6%, to $5.02, in its heaviest trading volume since March.
The Zylon issue is the latest chink in DHB’s armor. In May, the Marine Corps recalled more than 5,000 combat vests made by a DHB subsidiary in Florida on concern that they didn’t meet minimum standards.
DHB could become an acquisition target by its larger competitors, one analyst said. Possibilities include Armor Holdings Inc. of Jacksonville, Fla., which said this week that it would stop making Zylon vests and recently bought a rival armor maker in Michigan, and Costa Mesa, Calif.-based Ceradyne Inc.
“This ($60 million charge) is going to take a bit bite out of [DHB’s] capital,” said Ivan Feinseth, director of research at Matrix USA, which doesn’t own DHB shares but rates the company a “strong buy.” “There’s a good chance that one (rival) or the other could purchase them. They’re at an attractive value here.”
DHB Chief Executive David Brooks said he expects the stock to recover. “Every company of the right size is an acquisitions target but we’re selling at a very, very low price,” Mr. Brooks said. But “if someone makes us an offer we can’t refuse, we’ll look at it.”
©2005 Crain Communications Inc. |
