NEWARK, N.J., March 16, 2012 /PRNewswire-Asia-FirstCall/ -- American Oriental Bioengineering, Inc. (NYSE: AOB) (the "Company"), today announced that its Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which was due on March 15, 2012, will not be timely filed. During the performance of Ernst & Young Hua Ming's audit for the 2011 fiscal year they noted certain inconsistencies. As a result, management and the Audit Committee of the Board of Directors have agreed that the Audit Committee would immediately commence an independent investigation into the matters identified. Although the length of the investigation is uncertain at this time, the Company will endeavor to file the Form 10-K as soon as possible upon the completion of the investigation. About American Oriental Bioengineering, Inc. American Oriental Bioengineering, Inc. is a pharmaceutical company dedicated to improving health through the development, manufacture and commercialization of a broad range of prescription and over the counter products. Safe Harbor Statement Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. The economic, competitive, governmental, technological and other factors identified in the Company's filings with the Securities and Exchange Commission, may cause actual results or events to differ materially from those described in the forward looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Contact:Hong Zhu646-367-1765 SOURCE American Oriental Bioengineering, Inc.
Shares of American Oriental Bioengineering (NYSE:AOB) have taken a tremendous swing upward. The stock is trading at $1.83 as of 3:31 p.m. ET, 20.4% above Tuesday's closing price of $1.52. Volume is at 1.7 million, 4.5 times the daily average of 372,700.