Shepherd, Finkelman, Miller & Shah, LLC Announces Securities Class Action Against AXT, Inc. HARTFORD, Conn., Nov. 1 /PRNewswire/ -- Shepherd, Finkelman, Miller & Shah, LLC (http://www.classactioncounsel.com/; e-mail: ), a law firm with offices in Connecticut, Pennsylvania, New Jersey and Florida, announced today that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of all persons (the "Class") who purchased the securities of AXT, Inc. ("AXTI") (NYSE: AXTI - News; "AXT" or the "Company") during the period between February 6, 2001 and April 27, 2004 (the "Class Period"). A copy of the Complaint filed in this action can be obtained from the Court, or you can call our offices toll-free at either 866/540-5505 or 877/891-9880 to speak with an attorney regarding this matter and we will send you a copy of the Complaint. The Complaint alleges that, during the Class Period, the Company violated Sections 10(b) and 20(a) of the Securities Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the Complaint alleges that, as part of its ongoing efforts to create and continue the illusion of AXT's growth in the semiconductor industry, it knowingly or recklessly issued and/or participated in the issuance of materially false and misleading statements and financial information. The Complaint also alleges that, during the Class Period, AXT did not follow the specific requirements for the testing of products, and, as a result of this misconduct, failed to accrue adequate reserves, falsely stated its reports, reserves, revenue and income, and falsely represented that the Company was meeting customer requirements. If you are purchased AXT common stock between February 6, 2001 and April 27, 2004 (inclusive), you may qualify to serve as a lead plaintiff on behalf of the Class. All motions for appointment as a lead plaintiff must be filed with the Court no later than December 14, 2004. Any member of the proposed Class may move the Court to serve as lead plaintiff in this action through counsel of his or her choice, or may remain an absent class member. There are certain legal requirements to serve as lead plaintiff, which we would be pleased to discuss with you. Please contact James E. Miller, Esquire (866/540-5505; ) or James C. Shah, Esquire (877/891-9880; ) if you would like to discuss this action or have any question regarding this notice or your rights. Shepherd, Finkelman, Miller & Shah, LLC (http://www.classactioncounsel.com/) is a national law firm that represents investors, including institutions and individuals, as well as consumers in class action and other complex litigation, and maintains offices in Connecticut, Florida, New Jersey and Pennsylvania. The firm's attorneys have appeared in matters on behalf of our clients throughout the United States and have been appointed lead counsel in a number of class actions and corporate governance matters. DATASOURCE: Shepherd, Finkelman, Miller & Shah, LLC CONTACT: James E. Miller, Esquire, +1-866-540-5505, ; or James C. Shah, Esquire, +1-877-891-9880; , both of Shepherd, Finkelman, Miller & Shah, LLC Web site: http://www.classactioncounsel.com/

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