LOS ANGELES, Nov. 22, 2006 (PRIMEZONE) -- Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a Class Action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting of all persons or entities 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").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Bodisen, certain of the Company's executive officers, and Benjamin Wey (a/k/a Benjamin Wei) and his company New York Global Group, Inc. ("NYGG") with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning Bodisen's business and operations caused the Company's stock price to become artificially inflated, inflicting damages on investors. Bodisen describes itself as primarily engaged in the development, manufacture and sales of organic fertilizers and pesticides in the People's Republic of China. The Complaint alleges that during the Class Period defendants failed to disclose material information concerning the Company's relationships with Benjamin Wey, NYGG and related companies.
On November 12, 2006, Bodisen issued a press release stating, among other things, that it had received a Deficiency Letter from the American Stock Exchange ("AMEX"), concerning Bodisen's relationship with NYGG, stating that "AMEX believes that the Company made insufficient or inaccurate disclosure in its public filings with regard to its relationship with, and payments to, a consultancy firm and its affiliates both prior to and subsequent to its listing on the AMEX. Additionally, in the context of the Company's relationship with the consultancy firm, AMEX expressed concern that the Company has internal control issues related to its accounting and financial reporting obligations."
The November 12, 2006, press release followed news reports which had raised concerns about the Company's relationships with Benjamin Wey and NYGG and certain of its affiliated entities.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than January 15, 2007, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca