HARTFORD, Conn., Nov. 17, 2006 (PRIMEZONE) -- The law firm of Schatz Nobel Izard, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased or otherwise acquired the common stock of Bodisen Biotech, Inc. ("Bodisen" or the "Company") (AMEX:BBC) between August 26, 2005 and November 14, 2006, inclusive, (the "Class Period").
The Complaint alleges that Bodisen and certain of its officers and directors, and Benjamin Wey a/k/a Benjamin Wei and his company New York Global Group, Inc. ("NYGG"), violated federal securities laws by issuing a series of materially false statements. Specifically, it is alleged that defendants issued materially false and misleading information about the Company's performance and failed to disclose material relationships the Company had with Benjamin Wey and his related companies.
On November 12, Bodisen issued a press release stating that it had received a letter from the American Stock Exchange ("AMEX") 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, NYGG 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.
If you are a member of the class, you may, no later than January 15, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.