Duoyuan Printing, Inc.
Class Period: Nov 6, 2009 to Sep 20, 2010
Lead Plaintiff Deadline: Nov 19, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against Duoyuan Printing, Inc. (DYP) ("Duoyuan Printing" or the "Company") on behalf of all securities purchasers from November 6, 2009 through September 13, 2010, inclusive ("Class Period"), in the United States District Court for the Southern District of New York.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements, where they failed to disclose (1) that the authenticity of certain of Duoyuan Printing, Inc.'s ("Duoyuan Printing" or the "Company") expenses related to advertising and tradeshow costs could not be verified; (2) that the Company had improper relationships with certain vendors and distributors; (3) that, as a result, the Company's financial results were misstated during the Class Period; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the above, 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., and was reorganizing its top management in connection with Duoyuan Printing's "desire to resolve open issues and file our 10-K on a timely basis." Moreover, 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 the revelations, Duoyuan Printing securities declined $3.60 or more than 54% and closed at $2.99 on September 13, 2010.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.