Case Page

 

Case Status:    SETTLED
On or around 04/05/2018 (Court's order of dismissal)

Filing Date: September 20, 2010

According to the law firm press release, 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 19, 2011, the Court issued an Order appointing Co-Lead Plaintiffs and Counsel.

On February 16, 2012, a consolidated class action Complaint was filed by the Lead Plaintiffs against the Defendants.

On June 28, 2013, the parties entered into a Stipulation of Settlement. The Court preliminarily approved the Settlement on August 1. A modified Settlement Agreement was filed on August 2.

On August 22, 2013, the Court issued an Order denying the Underwriters' motion to dismiss but granting the Auditor Defendant's motion to dismiss.

On November 27, 2013, the Court issued an Order awarding attorneys' fees and expenses. This was followed on the same day by an Order and Final Judgment approving the Settlement. The Order and Final Judgment was appealed by Defendants and Cross-Plaintiffs on December 26th.

On June 30, 2014, the Plaintiffs and Underwriter Defendants entered into a Stipulation of Settlement. On December 18, the parties filed a stipulation withdrawing their appeal.

The Court preliminarily approved the Settlement on February 11, 2015. On March 6, the Court issued an Order granting the Motion for Disbursement of Funds. On June 16, the Court granted final approval of the Settlement and entered Final Judgment.

On September 3, the Court issued an Order dismissing cross-claims of the Underwriters. On February 3, 2017, the Court issued an Order granting the Motion to Dismiss the Underwriter Defendants' cross-claims.

On March 19, 2018, the Court issued an Order to distribute Settlement funds.

On April 5, 2018, the Clerk of Court entered Final Judgment.

Also on April 5, 2018, the Underwriter Defendants filed a Notice of Appeal, appealing the February 3, 2017 decision of the Court to dismiss the Underwriter Defendants' cross-claims.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Misc. Capital Goods
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: DYP
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 10-CV-07235
JUDGE: Hon. Colleen McMahon
DATE FILED: 09/20/2010
CLASS PERIOD START: 11/06/2009
CLASS PERIOD END: 09/13/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  2. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  3. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
  4. Pomerantz Haudek Block Grossman & Gross LLP (Chicago)
    10 South LaSalle Street, Suite 3505, Pomerantz Haudek Block Grossman & Gross LLP (Chicago), IL 60603
    312.377.1181 312.377.1181 ·
  5. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 10-CV-07235
JUDGE: Hon. Colleen McMahon
DATE FILED: 02/16/2012
CLASS PERIOD START: 11/06/2009
CLASS PERIOD END: 03/28/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  2. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date