Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Duoyuan Global Water, Inc., Announces Class Action Lawsuit...
21 Septiembre 2010 - 6:00PM
Business Wire
Notice is hereby given that Glancy Binkow & Goldberg LLP has
filed a class action lawsuit in the United States District Court
for the Southern District of New York on behalf of a class
consisting of all persons or entities who purchased the securities
of Duoyuan Global Water, Inc. (“Duoyuan Global Water” or the
“Company”) (NYSE:DGW) between November 9, 2009 and September 13,
2010, inclusive (the “Class Period”).
A copy of the Complaint is available from the court or from
Glancy Binkow & Goldberg LLP. Please contact us by phone to
discuss this action or to obtain a copy of the Complaint at (310)
201-9150 or Toll Free at (888) 773-9224, by email at
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
The Complaint charges Duoyuan Global Water and certain of the
Company’s executive officers with violations of federal securities
laws. Duoyuan Global Water engages in the manufacture and sale of
water treatment equipment – including circulating water treatment
equipment, water purification equipment and wastewater treatment
equipment – primarily to wastewater treatment plants, water works
facilities, manufacturing plants, commercial businesses,
residential communities and individual customers in the People’s
Republic of China. The Company, primarily through its chairman,
chief executive officer and controlling shareholder, Wenhua Guo,
maintains a substantial interconnection with Duoyuan Printing, Inc.
(“DYP”), a Beijing, China-based manufacturer of commercial offset
printing presses, which shares the same headquarters as Duoyuan
Global Water. Wenhua Guo also served as chairman of DYP during the
Class Period and is the beneficial owner of 100% of the equity
interest in Duoyuan Global Water’s majority shareholder, Duoyuan
Investments Limited.
The Complaint alleges that throughout the Class Period
defendants knew or recklessly disregarded that their public
statements concerning Duoyuan Global Water’s business, operations,
and prospects were materially false and misleading. Specifically,
defendants made false and/or misleading statements and/or failed to
disclose, among other things, that: (1) due to the substantial
interconnection between Duoyuan Global Water and DYP, the existence
of accounting improprieties and ineffective internal controls at
DYP could negatively impact Duoyuan Global Water; and (2), as a
result, during the Class Period the defendants lacked a reasonable
basis for their statements about Duoyuan Global Water, its
business, operations, prospects and growth.
On September 13, 2010, DYP announced a series of alarming
management changes – including the resignation of its CEO, its
chief financial officer, and at least four members of its board of
directors – and the dismissal of its independent registered public
accounting firm, Deloitte Touche Tohmatsu CPA Ltd. As a result of
this news, shares of Duoyuan Global Water declined $8.60 per share,
or more than 41%, to close on September 13, 2010, at $12.10 per
share, on unusually heavy trading volume. Although the announcement
specifically concerned DYP, analysts at Janney Capital Markets
suspended coverage of Duoyuan Global Water, and Piper Jaffray &
Co. decreased its price target for the Company approximately 73%,
from $34.00 per share down to $9.00 per share, effectively based on
the significant ties between Duoyuan Global Water and DYP.
Plaintiff seeks to recover damages on behalf of class members
and is represented by Glancy Binkow & Goldberg LLP, a law firm
with significant experience in prosecuting class actions, and
substantial expertise in actions involving corporate fraud.
If you are a member of the class described above, you may move
the Court, no later than 60 days from the date of this Notice, to
serve as lead plaintiff, however, you must meet certain legal
requirements. 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 Michael Goldberg, Esquire,
of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars,
Suite 311, Los Angeles, California 90067, by telephone at (310)
201-9150 or Toll Free at (888) 773-9224, by e-mail to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
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