NEW YORK, Oct. 5, 2010 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP announced it is investigating allegations made against Duoyuan Printing (NYSE:DYP) in the U.S. District Court of the Southern District of New York.
Beijing-based Duoyuan is a leading offset printing equipment supplier. Duoyuan issued a Registration Statement and Prospectus in connection with its initial public offering on November 6, 2009. The Registration Statement and Prospectus were issued to sell more than 6.4 million shares of common stock at $8.50 per share.
On September 13, 2010, Duoyuan announced the dismissal of its independent registered accounting firm and the reorganization of top management. Duoyuan further stated that it could not verify certain company expenses related to advertising and tradeshow costs. Duoyuan is also alleged to have had improper relationships with certain vendors and distributors. It is also alleged that the company's financial statements were misstated between November 6, 2009 and September 13, 2010, and that Duoyuan lacked adequate internal and financial controls.
On September 13, 2010, Duoyuan shares plunged 54 percent, closing at $2.99 per share after news that the company dismissed its independent accounting firm and reorganized its top management. The CEO, CFO and four board members also resigned.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law in July, the SEC can award between 10 percent and 30 percent of any monetary sanctions of more than $1 million to whistleblowers who provide "original information" leading to a successful SEC enforcement.
Whistleblowers may remain anonymous and work with the SEC through an attorney. Under the new law, whistleblowers are also granted expanded rights and protections against employer retaliation when disclosing information of corporate wrongdoing to the SEC.
If you have information related to this investigation, you are encouraged to call Peter E. Borkon at 510-725-3000 for a confidential discussion, or reach the Hagens Berman legal team at DYP@hbsslaw.com. Details of the investigation can be found at http://www.hbsslaw.com/cases-and-investigations/DYP.
About Hagens Berman
Seattle-based Hagens Berman Sobol Shapiro LLP represents investors, whistleblowers and consumers in complex litigation. The firm has offices in Boston, Chicago, Los Angeles, Phoenix San Francisco and Washington, D.C. Founded in 1993, HBSS continues to successfully fight for investor rights in large, complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com. Visit the firm's securities blog at www.meaningfuldisclosure.com.
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