Duoyuan Printing, Inc. Summary: According to the press release dated on September 20, 2010, 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 the Company's 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.
On January 14, 2011, the case was reassigned from Judge Colleen McMahon to Judge George B. Daniels.
According to the Stipulation for Order, entered on January 19, 2011, it is hereby stipulated and agreed, subject to the Court's approval, as follows: 1. Scott P. Cole, Joseph E. Sciarro, and Richard Pearson are appointed Co-Lead Plaintiffs for the above-captioned action and any subsequently filed consolidated actions, pursuant to 15 V.S.c. § 78u-4(a)(3)(B) and 15 U.S.C. §77z-1 (a)(3)(B); and 2. Cole, Sciarro and Pearson's selections of Pomerantz Haudek Grossman & Gross LLP and The Rosen Law Firm, P.A. are hereby approved as Co-Lead Counsel.
SIC Code: 3555
Sector: Capital Goods
Industry: Misc. Capital Goods
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