Case Page

 

Case Status:    DISMISSED    
On or around 09/18/2008 (Court's order of dismissal)

Filing Date: November 15, 2006

The original complaint charges Bodisen and certain of its officers and directors with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. Particularly, 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 shocking news, Bodisen shares have tumbled almost 70% over several trading days, falling from a high of $10.84 per share on November 10, 2006, to an intraday low of $3.93 today.

On February 15, 2007, U.S. District Judge Victor Marrero issued the Order consolidating eight similar class actions. On August 13, 2007, the Butterfield Trust Group was appointed lead plaintiff and the Court approved lead plaintiff’s selection of the law firms of Kahn Gauthier Swick and Federman & Sherwood as co-lead counsel. On November 16, 2007, the lead plaintiffs filed a Consolidated Amended Class Action Complaint. The defendants have responded with motions to dismiss the Consolidated Amended Complaint. The motions to dismiss are currently pending before the Court.

According to a press release dated September 30, 2008, Bodisen Biotech, Inc. announced that the New York Federal Court presiding over the eight consolidated class actions against Bodisen and its management granted our initial motion to dismiss the cases. … The court had initially given plaintiffs 20 days to amend the complaint to see if they can fix the defects in the allegations that formed the basis for our motion and the decision of court. However, on September 25, 2008, the court entered an order directing the Clerk of the Court to enter judgment and close the case. On September 26, 2008, the Clerk of the Court entered judgment as follows: "the complaint is dismissed in this action; accordingly, the case is closed."

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Chemical Manufacturing
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: BBC
Company Market: American SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 06-CV-13220
JUDGE: Hon. Victor Marrero
DATE FILED: 11/15/2006
CLASS PERIOD START: 08/26/2005
CLASS PERIOD END: 11/14/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New York)
    350 Fifth Avenue, Suite 5508, The Rosen Law Firm, P.A. (New York), NY 10118
    212.686.1060 212.202.3827 · lrosen@rosenlegal.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 06-CV-13220
JUDGE: Hon. Victor Marrero
DATE FILED: 11/16/2007
CLASS PERIOD START: 11/03/2005
CLASS PERIOD END: 11/10/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Federman & Sherwood (Oklahoma City)
    120 North Robinson, Suite 2720, Federman & Sherwood (Oklahoma City), OK 73102
    405-235-1560 · wfederman@aol.com
  2. Kahn Gauthier Swick, LLC (NY)
    12 East 41st Street, 12th Floor, Kahn Gauthier Swick, LLC (NY), NY 10016
    212.920.4310 212.696.3730 · info@kglg.com
No Document Title Filing Date
No Document Title Filing Date