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American Oriental Bioengineering, Inc, AOBI Securities Lawsuit


Company: American Oriental Bioengineering, Inc,
Ticker Symbol: AOBI
Class Period: Jun-9-09 to Jun-15-12
Date Filed: Jun-15-12
Lead Plaintiff Deadline: Aug-14-12
Court: Central District of California.
Allegations:
New York, NY: A securities class action lawsuit on behalf of investors who purchased the common stock of American Oriental Bioengineering, Inc. ("American Oriental") between November 9, 2009 and June 15, 2012, inclusive (the "Class Period"), seeking to recover damages for violations of the federal securities laws. The case is pending in U.S. District Court for the Central District of California. No class has yet been certified.

The lawsuit asserts violations of the federal securities laws against America Oriental, and its present and former officers and directors for issuing materially false and misleading financial statements and concealing the Company' material internal control weaknesses. On March 16, 2012 American Oriental announced that Ernst & Young Hua Ming ("E&Y") informed the Company' audit committee of certain inconsistencies noted during the course of E&Y' audit of the Company' financial statements for the fiscal year 2011. That same day, trading in American Oriental shares were halted. On May 29, 2012 the Company' stock was delisted from the NYSE and began trading over the counter and lost 60% of its value that day.

On June 15, 2012 the Company announced that E&Y had withdrawn its audit opinions for the Company' financial statements the fiscal years 2009 and 2010. E&Y also determined that it could no longer rely on managements representation in connection with (a) its audits of the financial statements for years ended December 2009 and 2010, (b) its audit of the effectiveness of the Company' internal control over financial reporting as of December 31, 2009 and 2010, and (c) its reviews of the Company' unaudited interim financial statements for the quarters from September 30, 2009 through September 30, 2010. In the same announcement, the Company stated it had dismissed E&Y as its auditor.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

American Oriental Bioengineering, Inc, AOBI Securities Fraud Legal Help

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Published on Jun-25-12


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