Lieff Cabraser Heimann & Bernstein, LLP Announces Class Action Lawsuit Against Duoyuan Printing, Inc. (NYSE: DYP)
23 Septiembre 2010 - 9:00AM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that a class action lawsuit has been brought on behalf of
a class (“Class”) consisting of purchasers of 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 initial public
offering (“IPO”) on November 6, 2009, as well as purchasers of the
Company’s securities between November 6, 2009 and September 13,
2010, inclusive (the “Class Period”).
If you are a member of the Class, you may move the Court for
appointment as lead plaintiff by no later than November 19, 2010. A
lead plaintiff is a representative party who acts on behalf of
other class members in directing the litigation. Your share of any
recovery in this action will not be affected by your decision of
whether to seek appointment as lead plaintiff. You may retain Lieff
Cabraser, or other attorneys, as your counsel in this action.
Duoyuan Printing shareholders that wish to learn more about this
action and how to seek appointment as lead plaintiff should visit
Lieff Cabraser’s website at
http://www.lieffcabraser.com/cases.php?CaseID=341 or contact
attorney Sharon Lee toll free at (800) 541-7358.
Background on Duoyuan Printing
Securities Class Litigation
The action, pending in the United States District Court for the
Southern District of New York, was brought against Duoyuan Printing
and certain of its officers and directors for violations of the
Securities Act of 1933 and the Securities Exchange Act of 1934.
Duoyuan Printing, headquartered in Beijing, China, designs,
manufactures and sells offset printing equipment.
The complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements and
failed to disclose that (1) the authenticity of certain Company
expenses relating to advertising and tradeshow costs could not be
verified; (2) the Company had improper relationships with certain
distributors and vendors; (3) as a result of the foregoing, the
Company’s financial statements were allegedly materially false and
misleading at all relevant times; and (4) Duoyuan Printing lacked
adequate internal and financial controls.
On September 13, 2010, Duoyuan Printing disclosed that it
dismissed its independent registered public accounting firm,
Deloitte Touche Tohmatsu CPA Ltd. (“Deloitte”), and was
reorganizing its top management in connection with its “desire to
resolve open issues and file our 10-K on a timely basis.” The
Company also disclosed that its Chief Executive Officer, Chief
Financial Officer, and four members of its Board of Directors had
resigned after the dismissal of Deloitte. In a filing with the
Securities and Exchange Commission, the Company revealed that it
had refused to grant Deloitte permission to access its original
bank statements to complete audit procedures to verify the identity
of certain individuals and entities associated with distributors
and vendors. On this news, the price of Duoyuan Printing common
stock fell $3.60 per share, or more than 54 percent, to close at
$2.99 per share on September 13, 2010.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York and Nashville, is a nationally recognized law
firm committed to advancing the rights of investors and promoting
corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser
as one of the top plaintiffs’ law firms in the nation. In compiling
the list, the National Law Journal examined recent verdicts and
settlements in addition to overall track records. Lieff Cabraser is
one of only two plaintiffs’ law firms in the United States to
receive this honor for the last seven consecutive years.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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