AOBI American Oriental Bioengineering Inc (CE)

Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether American Oriental Bioengineering, Inc. (“AOBI” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

Class action lawsuits were filed in the U.S. District Court for the Central District of California by other law firms on behalf of purchasers of the common stock of American Oriental Bioengineering, Inc. (OTC: AOBI) between November 9, 2009 and June 15, 2012, inclusive (the “Class Period”). The complaints allege that defendants issued materially false and misleading financial statements and concealed the Company's material internal control weaknesses.

On March 15, 2012, trading in AOBI shares was halted by the New York Stock Exchange (“NYSE”) after AOBI failed to timely file its 2011 Form 10-K by the deadline. The following day, AOBI reported that its auditor Ernst & Young Hua Ming (E&Y) informed the Audit Committee that it had “noted certain inconsistencies” during its year-end audit. AOBI further reported that management and the Audit Committee decided to “immediately commence an independent investigation into the matters identified” by E&Y.

After the market close on May 25, the NYSE announced that it had suspended trading in AOBI shares and would begin delisting proceedings. AOBI shares began trading over-the-counter on May 29 and closed at $0.58 -- down more than 61% from their March 15 closing price of $1.52.

On June 15, 2012, AOBI reported that its financial statements for 2009 and 2010 should no longer be relied upon, and: (1) E&Y concluded it was unable to rely on AOBI management’s representations made in connection with its audits of the Company’s 2009 and 2010 financial statements and its assessment of the Company’s internal controls for those years, as well those made in connection with E&Y’s review of the Company’s financial statements for the quarters ended September 30, 2009 through September 30, 2011; and (2) E&Y withdrew its reports on the Company’s 2009 and 2010 financial statements as well as its reports on the AOBI’s internal controls for those years.

At the time of this press release, the Company has released no further information about the scope or results of the Audit Committee investigation and has not yet released any restated results.

Cohen Milstein encourages all investors who purchased AOBI common stock between November 9, 2009 and June 15, 2012 or former employees with information concerning this matter to contact the firm.

If you are an AOBI shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. If you wish to serve as lead plaintiff, you must move the Court no later than August 21, 2012 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.

Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia and West Palm Beach, and is active in major litigation pending in federal and state courts throughout the nation.

The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.

If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:

Steven J. Toll, Esq.Tyler GaffneyCohen Milstein Sellers & Toll PLLC1100 New York Avenue, N.W.West Tower, Suite 500Washington, D.C. 20005Telephone: (888) 240-0775 or (202) 408-4600Email: stoll@cohenmilstein.com; tgaffney@cohenmilstein.com

Attorney Advertising

American Oriental Bioeng... (CE) (USOTC:AOBI)
Historical Stock Chart
From Nov 2024 to Dec 2024

American Oriental Bioeng... (CE) (USOTC:AOBI)
Historical Stock Chart
From Dec 2023 to Dec 2024