As predicted, the window of class action lawsuits has opened against organic fertilizer maker Bodisen Biotech (BBC-$5.29).
Earlier today, in their ongoing attempt to “champion the rights of investors nationwide,” New York-based Rosen Law firm filed a class action against Bodisen Biotech and certain of its officers and directors, as well as Benjamin Way and New York Global Group for violations of federal securities laws. The Complaint alleges that the Company failed to disclose that it was paying New York Global to issue positive research reports on the Company. As a result of the alleged fraud, Rosen charges that the value of the Bodisen’s stock has declined and damaged investors.
Committed to you—the investor—the Law Offices of Howard G. Smith announced that it has filed a securities class action lawsuit (on behalf of shareholders who purchased the common stock of Bodisen Biotech, too).
Their complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period (between August 26, 2005 and November 14, 2006) concerning the Company's business, prospects and financial performance, thereby artificially inflating the price of Bodisen securities.
The 10Q Detective spotted this joke online the other day: What's the difference between a lawyer and a vulture? The lawyer gets frequent flyer miles.
And the self-professed “champion for victims of corporate wrongdoing,” Kahn Gauthier Swick, LLC (KGS), announced that it has commenced an investigation into Bodisen Biotech to determine whether it has violated federal securities laws by issuing false and misleading statements to its shareholders.
According to KGS’ website, one of its founders was Wendell Gauthier (1943 – 2001), a nationally prominent lawyer most responsible for the national tobacco settlements in excess of $200 billion, and numerous other recoveries for thousands of plaintiffs in excess of $3 billion.
It is no joke – the vultures are already flying over Bodisen’s body, which is not even dead yet!
| Long Positions in'10Q_Detective' sorted by Bought in Ascending order | |||||||
| Bodisen Biotech, Inc. (BBC) | |||||||
| Symbol | Position | Bought | Open Price | Value | Cost | Net | %Change |
| BBC | 300 | 10/02/2006 | 8.81 | 1,587.00 | 2,655.99 | -1,068.99 | -40.25% |
| BBC | 500 | 11/14/2006 | 6.04 | 2,645.00 | 3,032.09 | -387.09 | -12.77% |
Total | 4,232.00 | 5,688.08 | -1,456.08 | -25.60% | |||
The 10Q Detective has a full disclosure policy.
6 comments:
Disclosure is the sole responsibility of any public company. Any advisor, whether it is Merrill Lynch, Goldman or New York Global Group provides services to clients based on service agreements. And it is the client, a public company, staffed with its own quality lawyers and independent board members oversight that has the responsibility to disclose any relationships with its advisors through SEC filings. If you have gone through Bodisen's filings and Bodisen's own news announcements regarding its payment and relationships with New York Global Group, it is easily found that its relationships with and payments to New York Global Group in fact had already been fully disclosed in various Q and K filings, all based on service contracts in writing. Perception is not reality, or the truth. Tabloid writers including NY Post tabloid writer Christopher Byron, was fired by that newspaper. That self-promoting tabloid writer Herb Greenberg is a shallow character and a gun for short sellers. Believing in tabloid writers without studying their true motives is not smart investing. Ever seen an old dog wagging its tail for attention? That's Herb Greenberg, an old dog. Why do you think people who have never visited the US are biased negatively towards America? Because they do not know better and for that reason, ignorance rules. The same concept: why does anyone who has never been to China, not even as a tourist, and never speaks any Chinese language at all other than shouting it aloud "Kong Pao Chicken!" at a Chinese restaurant in San Diego where Greenberg is located, has any clue about China or Chinese companies? Herb Greenberg reflects shallow character of a human being, seeking public attention and getting paid by short sellers directly or indirectly. No wonder the SEC was investigating the man last year for abetting short sellers. Be smart, study the facts. That's called smart investing. By the way, New York Global Group was named the best foreign middle market banking firm in China by the China Securities Daily in 2006. Don't you think the Chinese themselves know China better?? Pure common sense for the smart heads... Tabloid writers are driven by motives to sell stories, just like prostitutes that collect dollars in exchange for sex. This self-conscious Greenberg guy has become a laughing stock and a sign of ignorance in the chinese media. What a shame... Yes. Benjamin Wey is a China expert and a professor of finance at several Chinese universities and an advisor to several Chinese municipal governments. Again, the same question is asked: when it comes to China and its people, don't the Chinese government and Chinese universities know better about highly respected Benjamin Wey's background than a San Diego tabloid writer Herb Greenberg that sits in his little crappy home in San Diego and whom has never been to China or even speaks a single word of Chinese? What a dumb writer and a pathetic close mind Greenberg is. The fact: No Class Action against Bodisen has been certified. Despite all those announcements by ambulance chaser law firms, New York Global Group and Benjamin Wey are not named. What an ironic process of legality. Free press or tabloid?
Who is Ben Wey kidding. Everything about that man is corrupt, and everything about the way he thinks business is run is corrupt. He is a dishonest, cheap, money-grubbing, conniving, pompous ass and deserves every bit what's coming to him with those class action suits.... just ask anyone who has ever worked with him.
Anonymous could not be more spot on.....
Bodisen's Class Action law suit was dismissed in September 2008 by a federal judge at the Federal Count Southern District in New York for lack of merits. Bodisen and its management were exonerated. This is a matter of public record (Case No.: 06 Civ. 13220 (VM)
Neither Benjamin Wey nor New York Global Group was ever named in this class action as defendants at all.
As mentioned, Benjamin Wey is a China expert and a professor of finance at several Chinese universities and an advisor to several Chinese municipal governments. So, I think China and its people know more about him than a San Diego tabloid writer Herb Greenberg.
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Bodisen Winners and Losers, What Has Happened Since Then?
Tabloid writer Christopher Byron’s contract was not renewed at the New York Post. He lost his job in 2008 – perhaps a well deserved loser…
Tabloid writer Herb Greenberg quitted his poorly paid job at the MarketWatch and started his own “investigative firm” with a long list of stock short sellers and hedge funds whom he had helped, now paying him as his clients. Herb Greenberg benefited from Bodisen’s misfortune – Greenberg is a winner…
Bodisen’s “class action” was dismissed in its entirety in September 2008 by the presiding federal judge (Case No.: 06 Civ. 13220 (VM) in the New York federal court – Bodisen was a winner…
Bodisen and its management were exonerated in the lawsuit. Bodisen paid more than $1 million in legal defense bills...
The American Stock Exchange was acquired by the New York Stock Exchange in a fire sale which ended the life of the Amex. Several of the former Amex officials that had reviewed the Bodisen case and refused to meet with Bodisen’s advisors lost their jobs in the death of the Amex...
Bodisen’s former advisors, law firm ReedSmith and Deloitte Touché continued to proper and gain clients...
Bodisen’s former corporate advisor New York Global Group was named the “Best foreign investment banking firm in China serving China’s middle market clients” by the China Securities Daily…
The president of New York Global Group, Benjamin Wey, one of the targets of the tabloid articles was named a visiting professor of finance at two of China’s top universities and became a senior economic advisor to several Chinese municipal governments…
Bodisen quitted the US capital markets and explored a new listing on China’s Shenzhen Stock Exchange…
The BIGGEST WINNER: several hedge funds that had shorted Bodisen shares made tens of millions of dollars. They returned favors to the two tabloid writers, Byron and Greenberg who had helped them...
The BIGGEST LOSER: Bodisen’s 1,500 plus US shareholders who bought the stock on the Amex lost more than $350 million in market value…
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