NEW ORLEANS, Nov. 14, 2006 (PRIMEZONE) -- Kahn Gauthier Swick, LLC announces that it has commenced an investigation into Bodisen Biotech, Inc. ("Bodisen" or the "Company") (AMEX:BBC) to determine whether it has violated federal securities laws by issuing false and misleading statements to its shareholders.
Late on November 12, 2006, Bodisen stated that it had received a letter from the American Stock Exchange warning that it is out of compliance with certain listing standards. The exchange said it believes Bodisen made insufficient or inaccurate disclosure in public filings on its relationship with, and payments to, New York Global Group and its affiliates both prior to and subsequent to its listing on the exchange. The Amex also expressed concern that Bodisen has internal control issues related to its accounting and financial reporting obligations in the context of its relationship with the company.
As a result of this news, Bodisen shares have tumbled almost 50% over two trading days, falling from a high of $10.84 per share on November 10, 2006, to an intraday low of $5.81 today. KGS is currently evaluating whether a class action lawsuit should be filed to assist Bodisen shareholders in recouping their losses.
If you purchased shares of Bodisen between November 16, 2005 and November 10, 2006, you are urged to call Lewis Kahn, Managing Partner, KGS, toll free 1-866-467-1400, ext. 100, via cell phone at 504-301-7900, or by email at lewis.kahn@kglg.com to learn about your legal rights and KGS' ongoing investigation. For further information on KGS, please visit www.kglg.com.