Lawfuel – The Law Newswire – HARTFORD, Conn., May 21, 2007 — The law firm of Schatz Nobel Izard, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased or otherwise acquired the common stock of BKF Capital Group (“BKF” or the “Company”) (Pink Sheets:BKFG) between May 10, 2004 and October 18, 2005, inclusive, (the “Class Period”).
The Complaint alleges that BKF and certain of its officers and
directors violated Federal Securities laws by issuing a series of false
and misleading statements concerning the Company. Specifically,
throughout the Class Period, Defendants failed to properly account for
their restricted stock units. As a result of Defendants’ failure to
properly account for these restricted stock units, the Company’s
financial statements and reports were not prepared in accordance with
GAAP and SEC rules and did not represent the true financial and
operational condition of the Company.
On or about October 18, 2005, Defendants revealed that BKF’s financial
reports were not reliable and that the financial reports dating back to
the beginning of 2004 would need to be restated. These disclosures
caused the price of BKF shares to decline over $7.40 per share in one
day, falling over 30%, and closing at just above $17.00 per share.
If you are a member of the class, you may, no later than July 17, 2007,
request that the Court appoint you as lead plaintiff of the class. A
lead plaintiff is a class member that acts on behalf of other class
members in directing the litigation. Although your ability to share in
any recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class members,
including decisions concerning settlement. The securities laws require
the Court to consider the class member(s) with the largest financial
interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard, P.C. has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class action
or for more information about the case, class action cases in general,
and your rights, please contact Schatz Nobel Izard, P.C. toll-free at
(800) 797-5499, or by e-mail at [email protected], or visit our website:
CONTACT: Schatz Nobel Izard, P.C.
Wayne T. Boulton
Nancy A. Kulesa