LOS ANGELES, Nov. 3, 2010 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of Duoyuan Printing, Inc. ("Duoyuan Printing" or the "Company") (NYSE:DYP) pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company's November 6, 2009 initial public offering (the "IPO"), and purchasers of the Company's securities during the period from November 6, 2009 through and including September 13, 2010 (the "Class Period"), have 16 days until the November 19, 2010, deadline to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case filed by Glancy Binkow & Goldberg LLP, Perry, et al. v. Duoyuan Printing, Inc., et al., No. 10-cv-07235-CM, has been assigned to the Honorable Colleen McMahon, United States District Judge for the Southern District of New York.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
The Complaint charges Duoyuan Printing and certain of the Company's executive officers with violations of federal securities laws. Duoyuan Printing is a Beijing, China-based manufacturer of commercial offset printing presses. The Complaint alleges that throughout the Class Period defendants issued materially false and misleading statements concerning Duoyuan Printing's business, operations and financial prospects. Specifically, defendants issued false and/or misleading statements and/or failed to disclose that: (1) the authenticity of certain of the Company's expenses related to advertising and tradeshow costs could not be verified; (2) the Company had improper relationships with certain vendors and distributors; (3) as a result, the Company's financial results were misstated during the Class Period; (4) the Company lacked adequate internal and financial controls; and (5), as a result of the foregoing, 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. ("Deloitte"), and was reorganizing its top management in connection with the Company's "desire to resolve open issues and file our 10-K on a timely basis." In addition, 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 this news, Duoyuan Printing securities declined $3.60 per share, or more than 54%, to close on September 13, 2010, at $2.99 per share.
The Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case. Any person or group who suffered a loss as a result of purchasing Duoyuan Printing securities during the Class Period may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the November 19, 2010 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing Duoyuan Printing shareholders in this litigation.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.