HARTFORD, Conn., May 21, 2007 (PRIME NEWSWIRE) -- 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 BKF Capital Group ("BKF" or the "Company") (Pink Sheets:BKFG) between May 10, 2004 and October 18, 2005, inclusive, (the "Class Period").
The Complaint alleges that BKF and certain of its officers and directors violated Federal Securities laws by issuing a series of false and misleading statements concerning the Company. Specifically, throughout the Class Period, Defendants failed to properly account for their restricted stock units. As a result of Defendants' failure to properly account for these restricted stock units, the Company's financial statements and reports were not prepared in accordance with GAAP and SEC rules and did not represent the true financial and operational condition of the Company.
On or about October 18, 2005, Defendants revealed that BKF's financial reports were not reliable and that the financial reports dating back to the beginning of 2004 would need to be restated. These disclosures caused the price of BKF shares to decline over $7.40 per share in one day, falling over 30%, and closing at just above $17.00 per share.
If you are a member of the class, you may, no later than July 17, 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, P.C. 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, P.C. toll-free at (800) 797-5499, or by e-mail at firm@snlaw.net, or visit our website: www.snilaw.com.