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Case Status:    SETTLED
On or around 08/12/2005 (Date of order of final judgment)

Filing Date: April 23, 2004

By the Order and Final Judgment entered on August 12, 2005, the settlement and the Plan of Allocation are approved as fair, reasonable, and adequate. Plaintiffs' Counsel are hereby awarded 30% of the Gross Settlement Fund in fees, which sum the Court finds to be fair and reasonable, and $23,351.99 in reimbursement of expenses.

According to a press release dated April 7, 2005, Abatix Corp. said Wednesday that it has reached a preliminary agreement to settle a federal class-action shareholder lawsuit and a second suit filed in state District Court in Dallas. Abatix said it has agreed to settle both suits for $900,000. The company has been neck deep in shareholder lawsuits since its shares soared from about $4 to almost $17 in April 2004 and then collapsed to $2. Abatix became the target of five lawsuits involving dozens of shareholders alleging that the company made false statements about RapidCool. Those suits were consolidated into the one federal suit filed in U.S. District Court in Dallas.

On May 19, 2004, the plaintiff in the first filed complaint titled Sinay, et al. v. Abatix Corporation, et al., docket number 04-cv-00297, filed a Notice of Voluntary Dismissal, and on May 25, 2004, the Court entered the Final Judgment dismissing the complaint without prejudice. By the Order of the Court dated June 21, 2004, the remaining actions pending in the Northern District of Texas were consolidated under the action titled Family Medicine Specialists. et al. v. Abatix Corporation, et al., docket number 04-cv-00872. Another similar purported class action filed in the U.S. District Court for the Eastern District of Texas was transferred to the Northern District of Texas.

The Complaint alleges that defendants violated the Securities Exchange Act of 1934 by making a series of materially false and misleading statements concerning the Abatix's business agreement with Goodwin Group LLC during the Class Period. Specifically, the Complaint alleges that Abatix knew but failed to disclose certain material facts, including that: (i) the Company had not verified the proprietary nature of RapidCool or that the Company had in fact, obtained the 'exclusive worldwide rights to distribute RapidCool;' (ii) that Abatix had not verified that Goodwin Group LLC was the assignee of patents relating to RapidCool products, nor had defendants verified the ownership of any patent applications filed with respect to the product line; and (iii) defendants knew but failed to disclose that they had only been permitted to perform limited due diligence on the proprietary nature of RapidCool products before signing the distributorship agreement. As a result, the price of the Company's securities were artificially inflated during the Class Period.

Further, the complaint alleges that on April 21, 2004, the Company admitted that Abatix's April 14, 2004 press release announcing the signing of an agreement with Goodwin Group LLC to distribute the RapidCool (TM) product line created a significant increase in the price and volume of shares traded, 'which the Abatix believes was not warranted by Company developments.'

Note: A number of purported class actions complaints were filed since April 22, 2004. The first complaint was filed on behalf of all persons or entities that purchased or otherwise acquired Abatix's securities between April 14, 2004 at 5:05 p.m. (EST) and April 16, 2004, at 9:27 a.m. (EST). The subsequent complaints were filed on behalf of purchasers of the securities of Abatix between April 14, 2004 at 5:05 p.m. and April 21, 2004, at 8:24 a.m. (EST). All dates and times are inclusive

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Misc. Capital Goods
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ABIX
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Texas
DOCKET #: 04-CV-00297
JUDGE: Hon. Sidney A. Fitzwater
DATE FILED: 04/23/2004
CLASS PERIOD START: 04/14/2004
CLASS PERIOD END: 04/16/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brian Felgoise
    230 South Broad Street, Suite 404 , Brian Felgoise, PA 19102
    215.735.6810 215/735.5185. ·
  2. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  3. Federman & Sherwood (Oklahoma City)
    120 North Robinson, Suite 2720, Federman & Sherwood (Oklahoma City), OK 73102
    405-235-1560 · wfederman@aol.com
  4. Geller Rudman, PLLC.
    197 South Federal Highway, Suite 200, Geller Rudman, PLLC., FL 33432
    561.750.3000 888.262.3131 · info@geller-rudman.com
  5. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  6. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  7. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
  8. Reinhardt, Wendorf & Blanchfield Attorneys at Law
    E-1000 First National Bank Building, 332 Minnesota Street, Reinhardt, Wendorf & Blanchfield Attorneys at Law, MN 55101
    800.465.1592 651.297.6543 · info@ralawfirm.com
  9. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  10. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
COURT: N.D. Texas
DOCKET #: 04-CV-00872
JUDGE: Hon. Sidney A. Fitzwater
DATE FILED: 01/20/2005
CLASS PERIOD START: 04/14/2004
CLASS PERIOD END: 04/14/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kilgore & Kilgore
    3131 McKinney Ave., LB 103, Ste. 700, Kilgore & Kilgore , TX 75204-2471
    214.969.9090 214.953.0130 · dcm@kilgorelaw.com
  2. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 · info@milbergweiss.com
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