NEW YORK, Dec. 19, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of China Organic Agriculture, Inc. ("China Organic" or the "Company") (OTCBB:CNOA) common stock during the period between July 12, 2007 and August 14, 2008 (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased China Organic common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by February 10, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that it had no reasonable belief that the company could develop organic rice for sale at competitive prices. According to the complaint, insiders sold millions of dollars worth of Company stock, acquired a luxury retreat for Company insiders and, within 18 months after going public, sold the Company's most significant operation leaving the Company as a shell and causing the value of China Organic Agriculture's stock to decline significantly.
CONTACT: The Brualdi Law Firm, P.C.
Sue Lee, Esq.
(212)-952-0602
(877)-495-1187
slee@brualdilawfirm.com
