Law Offices of Howard G. Smith, Representing Investors of Duoyuan Printing, Inc., Announces Class Action Lawsuit
22 Setembro 2010 - 9:55PM
Business Wire
Law Offices of Howard G. Smith, representing investors of
Duoyuan Printing, Inc. (“Duoyuan Printing” or the “Company”)
(NYSE:DYP), has filed a class action lawsuit in United States
District Court on behalf of a class (the “Class”) consisting of all
persons or entities who purchased the securities of Duoyuan
Printing pursuant and/or traceable to the Registration Statement
and Prospectus issued in connection with the Company’s November 6,
2009 initial public offering (the “IPO”) and purchasers of the
Company’s securities during the period from November 6, 2009
through and including September 13, 2010 (the “Class Period”). The
class action lawsuit was filed in the United States District Court
for the Southern District of New York.
The Complaint charges Duoyuan Printing and certain of the
Company’s executive officers with violations of federal securities
laws. Duoyuan Printing is a Beijing, China-based manufacturer of
commercial offset printing presses. The Complaint alleges that
throughout the Class Period defendants issued false and/or
misleading statements and/or failed to disclose that: (1) the
authenticity of certain of the Company’s expenses related to
advertising and tradeshow costs could not be verified; (2) the
Company had improper relationships with certain vendors and
distributors; (3) as a result, the Company’s financial results were
misstated during the Class Period; (4) the Company lacked adequate
internal and financial controls; and (5), as a result of the
foregoing, the Company’s financial statements were materially false
and misleading at all relevant times.
On September 13, 2010, Duoyuan Printing disclosed that the
Company dismissed its independent registered public accounting
firm, Deloitte Touche Tohmatsu CPA Ltd. (“Deloitte”), and was
reorganizing its top management in connection with the Company’s
“desire to resolve open issues and file our 10-K on a timely
basis.” In addition, the Company’s chief executive officer, chief
financial officer, and four members of the Company’s board of
directors resigned after the dismissal of Deloitte. As a result of
this news, Duoyuan Printing securities declined $3.60 per share, or
more than 54%, to close on September 13, 2010, at $2.99 per
share.
No class has yet been certified in the above action. Until a
class is certified, you are not represented by counsel unless you
retain one. If you purchased Duoyuan Printing securities pursuant
and/or traceable to the Company’s November 6, 2009 IPO and/or
between November 6, 2009 and September 13, 2010, you have certain
rights, and have until November 19, 2010, to move for lead
plaintiff status. To be a member of the class you need not take any
action at this time, and you may retain counsel of your choice. If
you wish to discuss this action or have any questions concerning
this Notice or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020, by telephone at (215)638-4847, Toll-Free at
(888)638-4847, by email to howardsmith@howardsmithlaw.com or visit
our website at http://www.howardsmithlaw.com.
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