NEW YORK, Nov. 14, 2006 (PRIMEZONE) -- The Rosen Law Firm today announced that it has commenced an investigation into allegations that Bodisen Biotech, Inc. ("Bodisen" or the "Company") (AMEX: BBC) violated the federal securities laws by failing to adequately disclose certain material relationships the Company had with Benjamin Wey a/k/a Benjamin Wei, New York Global Group, Inc. ("New York Global"), and their affiliated entities.
On November 12, 2006 the Company issued a press release that it received a letter from the AMEX "warning that it is out of compliance with certain listing standards." A later press release issued by the AP states that AMEX "believes Bodisen made insufficient or inaccurate disclosure in public filings on its relationship with, and payments to, New York Global and its affiliates both prior to and subsequent to its listing on the exchange." The later press release also states that the AMEX "expressed concern that Bodisen has internal control issues related to its accounting and financial reporting obligations in the context of this relationship with the company."
The November 12, 2006 announcement followed numerous reports by nationally prominent journalists that revealed the Companies had hired stock promoter Benjamin Wey, a/k/a Benjamin Wei, an individual with prior securities violations that ultimately led to fines and suspension of Wey's securities license. These news reports revealed that Wey or Wei through his company New York Global, which he serves as President, issued analyst reports and other statements to the investing public touting the Company's stock without disclosing that they were being paid by the Company. News reports also indicate that during this time, millions of shares of the Company stock were sold by or through persons who were affiliated with NYGG and its related entities.
As a result of these allegations, the Rosen Law Firm is preparing a class action lawsuit on behalf of investors who purchased Bodisen stock during the period from August 26, 2005 through and including November 14, 2006.
You may access the website at http://www.rosenlegal.com to participate in the proposed class action.
If you purchased Bodisen securities and would like further information concerning your legal rights, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com or visit the website at www.rosenlegal.com
The Rosen Law Firm has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Rosen Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.