Khang & Khang LLP Announces That a Class Action Lawsuit Has Been Filed On Behalf of Shareholders of Duoyuan Printing, Inc.
25 September 2010 - 2:30AM
Business Wire
Khang & Khang LLP announces that a class action lawsuit has
been filed on behalf 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”). The
class action lawsuit was filed in the United States District Court
for the Southern District of New York.
If you have any questions, would like to discuss this action, or
would like a copy of the Complaint, please contact us by telephone
at (310) 461-1342 or by email to Joon@Khanglaw.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.
No class has yet been certified in the above action. Until a
class is certified, you are not represented by counsel unless you
retain one. If you purchased Duoyuan Printing securities pursuant
and/or traceable to the Company’s November 6, 2009 IPO and/or
between November 6, 2009 and September 13, 2010, you have certain
rights, and have until November 19, 2010, to move for lead
plaintiff status. To be a member of the class you need not take any
action at this time, and you may retain counsel of your choice. 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 Joon M. Khang, Esquire, of Khang &
Khang LLP, 1901 Avenue of the Stars, Suite 200, Los Angeles,
California 90067, by telephone at (310) 461-1342, or by email to
Joon@Khanglaw.com.
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