Pittsburgh Law Office of Alfred G. Yates Jr., PC Announces Class Action Suit Against TASER International, Inc. - TASR

Business Wire, Feb 2, 2005

PITTSBURGH -- Notice is hereby given by the Law Office of Alfred G. Yates Jr., PC that a class action lawsuit was filed on behalf of all persons who purchased the common stock of TASER International, Inc. ("TASER" or the "Company") (NASDAQ:TASR) between May 29, 2003 and January 11, 2005, inclusive, (the "Class Period") against defendants TASER and certain officers and directors of the Company.

If you wish to serve as lead plaintiff, you must move the Court no later than March 11, 2005. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs' counsel, Alfred G. Yates, Jr. at 1-800-391-5164 or via e-mail at yateslaw@aol.com. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The action, Torres, et. al. v. TASER, International, Inc., et. al. is pending in the U.S. District Court for the Southern District of New York (500 Pearl Street, New York, New York), Docket No. 1:05-cv-01032 and is filed against defendants TASER International, Inc., Dr. Phillips W. Smith (Chairman), Patrick W. Smith (C.E.O. and Director), Thomas P. Smith (President and Director), Daniel Behrendt (C.F.O.), and Kathleen C. Hanrahan (COO).

According to the lawsuit: On January 6, 2005, after the market closed, the Company announced that it had received an informal inquiry letter from the Securities and Exchange Commission ("SEC") regarding the Company's statements concerning the safety of its products and a $1.5 million order of TASER devices received from one of its distributors, which was booked in late December 2004. As a result of the January 6 announcement, shares of TASER's common stock fell $4.90, or 18%, to close at $22.72 per share. TASER further shocked investors on January 11, 2005, when it announced that orders for the first half of 2005 may be delayed while law enforcement agencies test competitors' products. As a result of this news, shares of the Company's common stock fell an additional $5.95, or 30%, to close at $14.10 per share. Also, during the Class Period, Defendants engaged in massive insider trading selling over one million shares for proceeds of approximately $50 million.