SOURCE: Yourman Alexander & Parekh LLP

November 30, 2006 15:23 ET

Bodisen Biotech, Inc. Sued for Securities Fraud in Federal Court

LOS ANGELES, CA -- (MARKET WIRE) -- November 30, 2006 -- Yourman Alexander & Parekh LLP, a law firm with extensive experience in prosecuting claims for securities and consumer fraud, announces that lawsuits seeking class action status have been filed on behalf of shareholders who purchased or otherwise acquired the securities of Bodisen Biotech, Inc. ("Bodisen" or the "Company") (AMEX: BBC) during the period August 26, 2005 through November 14, 2006, inclusive (the "Class Period"). The lawsuits are pending in the United States District Court for the Southern District of New York.

Since a class has not yet been certified, you are not represented by an attorney in this matter. If you purchased or acquired Bodisen securities during the period August 26, 2005 through November 14, 2006, inclusive, and either continue to hold those securities or sold them at a loss, the deadline to move for appointment as Lead Plaintiff is January 15, 2007. A Lead Plaintiff is the person or entity that the Court appoints to take a leadership role in prosecuting the case and to represent the interests of other similarly injured class members. The Court is required to consider the persons or entities with the largest financial losses, who express an interest in taking a leadership role in the litigation, for appointment as Lead Plaintiff. However, in order to serve as Lead Plaintiff, you must meet certain legal requirements and must formally apply to the Court to be considered for such an appointment. While your ability to share in any recovery is not affected by your decision of whether or not to seek appointment as a Lead Plaintiff, the Lead Plaintiff is responsible for making important decisions which could affect the overall recovery for class members, including decisions concerning settlement. Further, under 15 U.S.C. section 78u-4(a)(4), in the event that the case is successfully resolved, the Court may award a Lead Plaintiff compensation for time spent directly related to the representation of the class. See also 15 U.S.C. section 77z-1(a)(4).

The lawsuits allege, in part, that the Company and certain of its officers, along with Benjamin Wey a/k/a/ Benjamin Wei and his company New York Global Group, Inc. ("NYGG"), violated federal securities laws by failing to present the true financial condition of Bodisen and that by omitting to disclose the truth about Bodisen during the Class Period, defendants artificially inflated the price of the Company's securities for their own personal gain. It is also alleged that on November 12, 2006, the Company issued a press release that it received a deficiency letter from AMEX warning that it is out of compliance with certain listing standards. After that, a press release was issued stating that AMEX believes Bodisen made insufficient or inaccurate disclosures in public filings on its relationship with, and payments to, NYGG and its affiliates both prior to and subsequent to its listing on the exchange and that AMEX expressed concern that Bodisen has internal control issues related to its accounting and financial reporting obligations in the context of this relationship with the NYGG. Finally, it is alleged that after the true financial condition of the Company was revealed, Bodisen shares plummeted in response. In fact, Bodisen shares fell almost 70% from a high of $10.84 on November 10, 2006, to an intra day low of $3.93 on November 16, 2006.

If you: (i) wish to discuss these lawsuits, have information concerning these cases, or acquired shares through your Bodisen retirement account or 401K; (ii) have questions concerning this Notice or your rights or interests with respect to this litigation; or (iii) have any other potential matters that you would care to discuss, please contact Vahn Alexander or Behram Parekh of Yourman Alexander & Parekh LLP, 3601 Aviation Blvd., Suite 3000, Manhattan Beach, California 90266 by telephone, toll-free at (800) 725-6020, or by email to There will be no obligation or cost to you concerning your inquiry. For more information about the firm or cases currently being investigated or prosecuted by the firm, please visit