Hagens Berman Investigates Duoyuan Printing for Potential SEC Violations
21 Septiembre 2010 - 9:12PM
Business Wire
Hagens Berman Sobol Shapiro LLP announced it is investigating
allegations made against Duoyuan Printing (NYSE: DYP) in the U.S.
District Court of the Southern District of New York.
Beijing-based Duoyuan is a leading offset printing equipment
supplier. Duoyuan issued a Registration Statement and Prospectus in
connection with its initial public offering on November 6, 2009.
The Registration Statement and Prospectus were issued to sell more
than 6.4 million shares of common stock at $8.50 per share.
On September 13, 2010, Duoyuan announced the dismissal of its
independent registered accounting firm and the reorganization of
top management. Duoyuan further stated that it could not verify
certain company expenses related to advertising and tradeshow
costs. Duoyuan is also alleged to have had improper relationships
with certain vendors and distributors. It is also alleged that the
company’s financial statements were misstated between November 6,
2009 and September 13, 2010, and that Duoyuan lacked adequate
internal and financial controls.
On September 13, 2010, Duoyuan shares plunged 54 percent,
closing at $2.99 per share after news that the company dismissed
its independent accounting firm and reorganized its top management.
The CEO, CFO and four board members also resigned.
Under the Dodd-Frank Wall Street Reform and Consumer Protection
Act signed into law in July, the SEC can award between 10 percent
and 30 percent of any monetary sanctions of more than $1 million to
whistleblowers who provide “original information” leading to a
successful SEC enforcement.
Whistleblowers may remain anonymous and work with the SEC
through an attorney. Under the new law, whistleblowers are also
granted expanded rights and protections against employer
retaliation when disclosing information of corporate wrongdoing to
the SEC.
If you have information related to this investigation, you are
encouraged to call Peter E. Borkon at 510-725-3000 for a
confidential discussion, or reach the Hagens Berman legal team at
http://www.hbsslaw.com/cases-and-investigations/DYP.
About Hagens Berman
Seattle-based Hagens Berman Sobol Shapiro LLP represents
investors, whistleblowers and consumers in complex litigation. The
firm has offices in Boston, Chicago, Los Angeles, Phoenix, San
Francisco and Washington, D.C. Founded in 1993, HBSS continues to
successfully fight for investor rights in large, complex
litigation. More about the law firm and its successes can be found
at www.hbsslaw.com. Visit the firm’s securities blog at
www.meaningfuldisclosure.com.
Duoyuan Printing, Common Shares (NYSE:DYP)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Duoyuan Printing, Common Shares (NYSE:DYP)
Gráfica de Acción Histórica
De May 2023 a May 2024