A notice of voluntary dismissal by plaintiff was filed with the court on October 5, 2007. On October 10, 2007, the action was voluntarily dismissed the action with prejudice and without costs.
According to a Decision of Interest dated August 28, 2007, Plaintiff the Jolly Roger Offshore Fund LTD and Jolly Roger Fund LP has moved pursuant to Section 21D(a)(3) of the Securities and Exchange Act of 1934 (the 'Exchange Act'), as amended by the Private Securities Litigation Reform Act (the 'PSLRA'), 15 U.S.C. §78u-4, and Rule 42, Fed. R. Civ. P., for appointment as lead plaintiff of a class of purchasers of the securities of BKF Capital Group, Inc. Plaintiff has also moved for approval of its selection of Labaton Sucharow & Rudoff LLP as lead counsel for the class. For the reasons set forth, the motion is granted.
The original complaint alleges that Defendants, BKF, and certain of its officers and directors, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that during the Class Period, Defendants issued a series of false and misleading statements concerning 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.