MINNEAPOLIS, Aug. 25, 2010 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Orient Paper, Inc. ("Orient Paper" or the "Company") (AMEX:ONP) publicly traded securities during the period March 27, 2009 through July 22, 2010 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before October 5, 2010. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that the Company's revenues were materially overstated and that the Company exaggerated the extent of its business operations. On June 28, 2010, an entity calling itself Muddy Waters released a report containing facts indicating that Orient Paper had issued false financial statements and press releases. The report was followed by a series of back-and-forth accusations between Muddy Waters and the Company. Finally, on July 16, 2010, Orient Paper announced that it would retain a law firm and a "Big Four" accounting firm to conduct an investigation into the troubling issues raised by Muddy Waters. As a result of these adverse disclosures, Orient Paper's share price dropped substantially, damaging shareholders.
If you purchased Orient Paper, Inc. stock during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
| Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) |
| Charles H. Johnson & Associates |
| 2599 Mississippi Street |
| New Brighton, MN 55112 |
| (651) 633-5685 |