NEW YORK, May 18, 2007 LAWFUEL – The Litigation News Wire — Labaton Sucharow & Rudoff LLP filed a class action lawsuit on May 18, 2007 in the United States District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired publicly traded securities of BKF Capital Group, Inc. (“BKF” or the “Company”) (Pink Sheets:BKFG) between May 10, 2004 and October 18, 2005, inclusive, (the “Class Period”). The lawsuit was filed against BKF, Glenn A. Aigen and John A.
If you are a member of this class you can view a copy of the complaint and join this class action online at http://www.labaton.com/en/about/press/BKF-Press-Release.cfm
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that during the Class Period, Defendants issued a series of false and misleading statements concerning the Company. These statements were materially false and misleading when made because: (1) throughout the Class Period, as a result of Defendants’ failure to properly account for their restricted stock units, it was not true that the Company’s financial statements and reports were prepared in accordance with GAAP and SEC rules; (2) as a result of Defendants’ failure to properly account for their restricted stock units, the Company’s financial reports were not reliable and did not represent the true financial and operational condition of the Company; and (3) as a result of Defendants’ failure to properly account for their restricted stock units, it was also not true that BKF contained adequate systems of internal and operational or financial controls, such that BKF reported financial statements were true, accurate or reliable.
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.
Plaintiff is represented by the law firm of Labaton Sucharow & Rudoff LLP. Labaton Sucharow is one of the country’s premier national law firms that represent individual and institutional investors in class action, complex securities and corporate governance litigation. The firm has been a champion of investor rights for over 40 years and has been recognized for its reputation for excellence by the courts.
If you bought BKF securities between May 10, 2004 and October 18, 2005, inclusive, you may qualify to serve as Lead Plaintiff. Lead Plaintiff papers must be filed with the court no later than sixty days from today. If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact one of our representatives or Christopher Keller, Esq. at 800-321-0476.