Bodisen Biotech, Inc. ("Bodisen" or the Company) manufactures agricultural chemicals, primarily organic fertilizer, for sale in China.

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.

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 announced that the New York Federal Court presiding over the eight consolidated class actions against Bodisen and its management granted their 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 the 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."