The Law Office of Robbins Umeda LLP Announces an Investigation of Duoyuan Global Water Inc.
14 Septiembre 2010 - 7:31PM
Business Wire
Robbins Umeda LLP has commenced an investigation into Duoyuan
Global Water Inc. ("DGW" or the "Company") (NYSE: DGW) concerning
possible violations of the state and federal securities laws.
DGW claims that it engages in the manufacture and sale of water
treatment equipment in the People's Republic of China. According to
the Company, its customers are primarily wastewater treatment
plants, water works facilities, manufacturing plants, commercial
businesses, residential communities, and individual customers. DGW
was founded in 1992 and is headquartered in Beijing, the People's
Republic of China. The Company's Chief Executive Officer, Wenhua
Guo, is also Chairman of Beijing-based Duoyuan Printing, Inc.
("DYP"), a manufacturer of offset printing equipment.
Robbins Umeda's investigation concerns whether the Company has
adequate internal controls. On September 13, 2010, DYP announced
that it was dismissing its independent registered public accounting
firm and reorganizing its top management, including its Chief
Executive Officer and Chief Financial Officer, in connection with
DYP's "desire to resolve open issues and file our 10-K on a timely
basis." An analyst at Piper Jaffray slashed DGW's price target to
$9.00 from $34.00, citing the close ties between the Company and
DYP and concerns that there might be similar internal control
issues at DGW. Upon this news, DGW's stock declined approximately
45% from its close price of $20.70 per share on September 10, 2010,
to close at $12.10 on September 13, 2010.
If you purchased or own DGW common stock and would like more
information about your rights as a shareholder and our
investigation, please contact Gregory E. Del Gaizo at 800-350-6003
or by e-mail at info@robbinsumeda.com
Robbins Umeda LLP is a California-based law firm, which has
significant experience representing investors in securities fraud
class actions, merger-related shareholder class actions, and
shareholder derivative actions. For more information about the
firm, please go to http://www.robbinsumeda.com.
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