Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Duoyuan Printing, Inc., Announces Class Action Lawsuit & S...
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 (the
“Class”) consisting of all persons or entities who purchased the
securities of Duoyuan Printing, Inc. (“Duoyuan Printing” or the
“Company”) (NYSE:DYP) 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”).
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 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 materially false and
misleading statements concerning Duoyuan Printing’s business,
operations and financial prospects. Specifically, 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.
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 November 19, 2010, 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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