NEW YORK, Oct. 21, 2010 (GLOBE NEWSWIRE) -- Shareholders of Duoyuan Printing, Inc. (DYP) are reminded of the class action lawsuit filed in the United States District Court, Southern District of New York. Pomerantz Haudek Grossman & Gross LLP filed a class action lawsuit against Duoyuan Printing Inc. ("Duoyuan Printing" or the "Company") (NYSE:DYP) and certain of its top officials. The class action (Case No: 10-civ-7235) was filed on behalf of purchasers of the securities of Duoyuan Printing pursuant and/or traceable to the Company's November 6, 2009 initial public offering and purchasers of the securities during the period from November 6, 2009 through and including September 13, 2010 (the "Class Period"). The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 promulgated thereunder and Sections 11, 12(a)(2) and 15 of the Securities Act.
Duoyuan Printing is a manufacturer of commercial offset printing presses in China. 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.
If you are a shareholder who purchased the Duoyuan Printing securities during the Class Period, you have until November 19, 2010 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Fei-Lu Qian at flqian@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, with offices in New York, Chicago, Washington, D.C., Columbus, Ohio and Burlingame, California, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.