The Rosen Law Firm Announces Investigation of Securities Claims Against American Oriental Bioengineering, Inc.
Published on Wednesday, 20 June 2012 07:19 Written by TradersHuddle StaffNEW YORK-( Business Wire )-
The Rosen Law Firm, P.A. announces that it is investigating potential securities claims against American Oriental Bioengineering, Inc. (OTC: AOBI) (“American Oriental”).
On March 16, 2012 American Oriental announced that its auditor 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. American Oriental shares lost 60% of their value that day.
On June 15, 2012 the Company announced that E&Y had withdrawn it audit opinions for the Company’s financial statements for fiscal years 2009 and 2010. E&Y also determined that it could no longer rely on management’s representations in connection with (a) its audits of American Oriental’s financial statements for years ended December 2009 and 2010, (b) its audits 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 American Oriental’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.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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