American Oriental Bioengineering Inc (OTC: AOBI) Investor Securities Class Action Lawsuit 06/22/2012

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Company Name(s): 
American Oriental Bioengineering
Case Name: 
American Oriental Bioengineering Shareholder Class Action Lawsuit 06/22/2012
Case Status: 
Case Dismissed
Affected Securities
OTC: AOBI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/22/2012
Class Period Begin: 
09/27/2010
Class Period End: 
11/14/2012
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
08/22/2012
Case Dismissed: 
09/23/2014
Summary: 

September 23, 2014 - The court issued a judgement dismissing the case with prejudice.

September 5, 2013 - The lead plaintiffs filed a fourth amended consolidated complaint.

September 4, 2013 - The court granted lead plaintiffs motion for leave to file a fourth amended complaint.

August 30, 2013 - The lead plaintiffs filed a motion for leave to file a fourth amended complaint.

June 21, 2013 - Defendants filed another motion to dismiss.

May 22, 2013 - Defendants filed a motion to dismiss.

May 20, 2013 - The lead plaintiffs filed a third amended consolidated complaint.

May 15, 2013 - Defendants filed a motion to dismiss.

April 15, 2013 - The lead plaintiffs filed a second amended complaint on behalf of investors who purchased American Oriental Bioengineering Inc (OTC: AOBI) common shares between September 27, 2010 and November 14, 2011. The plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between September 27, 2010 and November 14, 2011.

March 25, 2013 - The court granted defendants' motion to dismiss with leave to amend.

December 19, 2012 - Defendants filed a motion to dismiss.

November 19, 2012 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased American Oriental Bioengineering Inc (OTC: AOBI) common shares between September 27, 2010 and June 15, 2012. The plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between September 27, 2010 and June 15, 2012.

October 16, 2012 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

August 22, 2012 - Lead plaintiff motions were filed.

June 22, 2012 - An investor in American Oriental Bioengineering Inc (OTC: AOBI) shares filed a lawsuit in the U.S. District Court for the Central District of California against American Oriental Bioengineering Inc over alleged Violations of Federal Securities Laws in connection with certain financial statements was announced.

According to the complaint the plaintiff alleges on behalf of investors who purchased the common stock of American Oriental Bioengineering Inc (OTC: AOBI) between November 9, 2009 and June 15, 2012, that American Oriental Bioengineering Inc and certain of its present and former officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading financial statements and concealing the Company's material internal control weaknesses.

American Oriental Bioengineering Inc reported that its annual Revenue rose from $160.48million in 2007 to $305.94million in 2010. However, its Net Income fell from $43.87million in 2007, respectively $47.06million in ’08 to $16.34million in 2010.

On June 15, 2012, American Oriental Bioengineering Inc announced that it dismissed Ernst & Young Hua Ming, as its independent registered public accounting firm.

American Oriental Bioengineering Inc said that on June 15, 2012, it received a letter from Ernst & Young Hua Ming in which it withdrew its reports on the financial statements and related internal control over financial reporting for the years ended and as of December 31, 2009 and 2010 and accordingly, its reports issued thereto on March 15, 2010 and 2011 can no longer be relied upon. American Oriental Bioengineering Inc said the inconsistencies Ernst & Young Hua Ming identified, which were not resolved at the time of its dismissal.

Shares of American Oriental Bioengineering Inc (OTC: AOBI) closed on June 22, 2012, at $0.36 per share.