Duoyuan Global Water, Inc. Summary: According to the complaint filed on September 20, 2010, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose, among others: (1) that, due to the substantial interconnection between Duoyuan Global Water and DYP, the existence of accounting improprieties and ineffective internal controls at DYP could negatively impact Duoyuan Global Water; and (2) that, as a result, the Defendants lacked a reasonable basis for their statements about Duoyuan Global Water, its business, operations, prospects, and growth.
On March 3, 2011, Judge George B. Daniels signed the order granting the motion to appoint Hoi Ming Michael Ho and Joseph E. Sciarro to serve as lead plaintiffs. The law firm Glancy Binkow & Goldberg LLP was approved as lead counsel for the Class. On June 15, 2011, the plaintiffs filed an Amended Complaint.
On August 11, 2011, the Lead Plaintiffs filed a Corrected Complaint for Violations of the Federal Securities Laws.
On August 24, 2012, the Court issued a Memorandum Decision and Order. The motions to dismiss of certain defendants were granted, while the motions of other defendants were denied.
According to the November 8, 2012 Order, Defendant BDO HK was dismissed without prejudice from this action.
SIC Code: 3550
Sector: Capital Goods
Industry: Misc. Capital Goods
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