NEW YORK, July 3, 2012 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. reminds investors of the important August 22, 2012 lead plaintiff deadline in the class action the Rosen Law Firm filed on behalf of investors who purchased the common stock of American Oriental Bioengineering, Inc. (OTC:AOBI).
If you purchased American Oriental securities during the period from November 9, 2009 to June 15, 2012, visit the Rosen Law Firm's website at http://www.rosenlegal.com to join the class action, or call Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email or firstname.lastname@example.org for information on the class action.
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. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint 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 misstating the Company's material internal control weaknesses. On March 16, 2012 American Oriental announced that Ernst & Young Hua Ming ("E&Y") informed the Company's audit committee of certain inconsistencies noted during the course of E&Y's audit of the Company's financial statements for the fiscal year 2011. That same day, trading in American Oriental shares was halted. On May 29, 2012 the Company's stock was delisted from the NYSE and began trading over the counter. It lost 60% of its value that day.
On June 15, 2012 the Company announced that E&Y had withdrawn it audit opinions for the Company's financial statements the fiscal years 2009 and 2010.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's internal control over financial reporting as of December 31, 2009 and 2010, and (c) its reviews of the Company's 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 wish to serve as lead plaintiff, you must move the Court no later than August 22, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at email@example.com. You may also visit the firm's website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
CONTACT: Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue 34th Floor
New York, New York 10016
Tel: (212) 686-1060
Weekends Tel: (917) 797-4425
Toll Free: 1-866-767-3653
Fax: (212) 202-3827