NEW YORK, June 25, 2012 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of American Oriental Bioengineering Inc. ("American Oriental" or the "Company") (OTC: AOBI), concerning whether the company and certain of its officers and directors have violated federal securities laws.
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On June 15, 2012 the Company announced that E&Y had withdrawn its audit opinions for the Company's financial statements for fiscal years 2009 and 2010.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.
If you are aware of any facts relating to this investigation, or purchased shares of American Oriental, you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC