Glancy Binkow & Goldberg LLP, Representing Shareholders of Duoyuan Printing, Inc., Announces a November 19, 2010 Deadline to Mov
November 03 2010 - 8:30PM
Glancy Binkow & Goldberg LLP announces that all persons or
entities who purchased or otherwise acquired 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"), have
16 days until the November 19, 2010, deadline to move the Court to
serve as Lead Plaintiff in the securities fraud class action
lawsuit. The case filed by Glancy Binkow & Goldberg LLP, Perry,
et al. v. Duoyuan Printing, Inc., et al., No. 10-cv-07235-CM, has
been assigned to the Honorable Colleen McMahon, United States
District Judge for the Southern District of New York.
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 to
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.
The Private Securities Litigation Reform Act of 1995 ("PSLRA")
requires the Court to appoint a "Lead Plaintiff" in this case.
Any person or group who suffered a loss as a result of
purchasing Duoyuan Printing securities during the Class Period may
ask the Court to be appointed as Lead Plaintiff, but must file a
motion no later than the November 19, 2010 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant
experience in prosecuting class actions, substantial expertise in
actions involving corporate fraud, and is representing Duoyuan
Printing shareholders in this litigation.
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, Toll
Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com.
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lionel Z. Glancy
Michael Goldberg
(310) 201-9150
(888) 773-9224
shareholders@glancylaw.com
www.glancylaw.com
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