SOURCE: New York Global Group

September 21, 2006 13:47 ET

New York Global Group Responds to Scurrilous Allegations

NEW YORK, NY -- (MARKET WIRE) -- September 21, 2006 -- New York Global Group (www.nyggroup.com) ("NYGG") announced today that it has retained highly regarded New York litigator, Judd Burstein (www.burlaw.com), in response to certain articles that have published erroneous information about the company and its executives, including one that appeared yesterday.

NYGG's President, Benjamin Wey, stated: "NYGG has been victimized by false articles, and we are not going to sit idly by while an irresponsible reporter defames us and some of the companies we have advised."

NYGG CEO Amit Tandon, Esq. further commented: "We intend to avail ourselves of all available remedies to stem the damage caused by these irresponsible and demonstrably false reports."

Mr. Burstein stated that he expects to take action on behalf of his new client by the end of September. In addition, Mr. Burstein confirmed that he has retained investigators to examine a possible connection between the timing of these articles and short sales of hundreds of thousands of shares of Bodisen Biotech Inc. (AMEX: BBC) (www.bodisen.com), a company mentioned prominently in the articles. Mr. Burstein noted that if the investigation reveals a connection between the articles and the short sales, "we will evaluate and pursue a proactive and aggressive course of action."

About New York Global Group

New York Global Group specializes in serving China's fast growing middle market sector in four areas: investment banking, research, due diligence and strategic consulting. With almost a decade of China-related experience supported by a large bi-lingual staff located at the firm's Asia headquarters in Beijing, New York Global Group is one of the largest US-based financial due diligence firms in China. NYGG conducts extensive due diligence on almost all China-based companies that are publicly traded in the US and in the UK, and NYGG offer such due diligence results to our global institutional clientele. NYGG is a research partner of the central bank of China's research institute as well as other reputable entities in China. NYGG also acts as a senior economic advisor to numerous Chinese cities. In August 2006, NYGG was named the "Best Foreign Investment Banking Firm in China Serving China's Middle Market" by China Securities Daily during the China 2nd Annual Securities Industry Conference in Beijing. Visit New York Global Group: www.nyggroup.com.

Contact Information

  • Contact:
    Judd Burstein
    Michael Quinn
    Judd Burstein, P.C.
    P: 212-974-2400