Pomerantz Law Firm Reminds Shareholders of Duoyuan Printing, Inc. of Upcoming Deadline -- DYP
October 21 2010 - 5:29PM
Shareholders of Duoyuan Printing, Inc. (DYP) are reminded of the
class action lawsuit filed in the United States District Court,
Southern District of New York. Pomerantz Haudek Grossman &
Gross LLP filed a class action lawsuit against Duoyuan Printing
Inc. ("Duoyuan Printing" or the "Company") (NYSE:DYP) and certain
of its top officials. The class action (Case No: 10-civ-7235) was
filed on behalf of purchasers of the securities of Duoyuan Printing
pursuant and/or traceable to the Company's November 6, 2009 initial
public offering and purchasers of the securities during the period
from November 6, 2009 through and including September 13, 2010 (the
"Class Period"). The Complaint alleges violations of Sections 10(b)
and 20(a) of the Securities Exchange Act and Rule 10b-5 promulgated
thereunder and Sections 11, 12(a)(2) and 15 of the Securities Act.
Duoyuan Printing is a manufacturer of commercial offset printing
presses in China. The complaint alleges that throughout the
Class Period, defendants made false and/or misleading statements,
where they failed to disclose (1) that the authenticity of certain
of the Company's expenses related to advertising and tradeshow
costs could not be verified; (2) that the Company had improper
relationships with certain vendors and distributors; (3) that, as a
result, the Company's financial results were misstated during the
Class Period; (4) that the Company lacked adequate internal and
financial controls; and (5) that, as a result of the above, 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., and was reorganizing its
top management in connection with Duoyuan Printing's "desire to
resolve open issues and file our 10-K on a timely
basis." Moreover, 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 the revelations,
Duoyuan Printing securities declined $3.60 or more than 54% and
closed at $2.99 on September 13, 2010.
If you are a shareholder who purchased the Duoyuan Printing
securities during the Class Period, you have until November 19,
2010 to ask the Court to appoint you as lead plaintiff for the
class. A copy of the complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Fei-Lu Qian
at flqian@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free.
Those who inquire by e-mail are encouraged to include their mailing
address and telephone number.
The Pomerantz Firm, with offices in New York, Chicago,
Washington, D.C., Columbus, Ohio and Burlingame, California, is
acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late
Abraham L. Pomerantz, known as the dean of the class action bar,
the Pomerantz Firm pioneered the field of securities class actions.
Today, more than 70 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com.
CONTACT: Pomerantz Haudek Grossman & Gross LLP
Fei-Lu Qian
(888) 476.6529
(888) 4.POMLAW
flqian@pomlaw.com
Duoyuan Printing, Common Shares (NYSE:DYP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Duoyuan Printing, Common Shares (NYSE:DYP)
Historical Stock Chart
From Sep 2023 to Sep 2024