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Lieff Cabraser Heimann & Bernstein, LLP Announces Class Action
Headline Legal News | 2010/09/27 09:28

The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that a class action lawsuit has been brought on behalf of a class (“Class”) consisting of purchasers of 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 initial public offering (“IPO”) on November 6, 2009, as well as purchasers of the Company's securities between November 6, 2009 and September 13, 2010, inclusive (the “Class Period”).

If you are a member of the Class, you may move the Court for appointment as lead plaintiff by no later than November 19, 2010. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in this action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in this action.

Duoyuan Printing shareholders that wish to learn more about this action and how to seek appointment as lead plaintiff should visit Lieff Cabraser's website at http://www.lieffcabraser.com/cases.php?CaseID=341 or contact attorney Sharon Lee toll free at (800) 541-7358.

Background on Duoyuan Printing Securities Class Litigation

The action, pending in the United States District Court for the Southern District of New York, was brought against Duoyuan Printing and certain of its officers and directors for violations of the Securities Act of 1933 and the Securities Exchange Act of 1934. Duoyuan Printing, headquartered in Beijing, China, designs, manufactures and sells offset printing equipment.

The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and failed to disclose that (1) the authenticity of certain Company expenses relating to advertising and tradeshow costs could not be verified; (2) the Company had improper relationships with certain distributors and vendors; (3) as a result of the foregoing, the Company's financial statements were allegedly materially false and misleading at all relevant times; and (4) Duoyuan Printing lacked adequate internal and financial controls.

On September 13, 2010, Duoyuan Printing disclosed that it dismissed its independent registered public accounting firm, Deloitte Touche Tohmatsu CPA Ltd. (“Deloitte”), and was reorganizing its top management in connection with its “desire to resolve open issues and file our 10-K on a timely basis.” The Company also disclosed that its Chief Executive Officer, Chief Financial Officer, and four members of its Board of Directors had resigned after the dismissal of Deloitte. In a filing with the Securities and Exchange Commission, the Company revealed that it had refused to grant Deloitte permission to access its original bank statements to complete audit procedures to verify the identity of certain individuals and entities associated with distributors and vendors. On this news, the price of Duoyuan Printing common stock fell $3.60 per share, or more than 54 percent, to close at $2.99 per share on September 13, 2010.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs' law firms in the United States to receive this honor for the last seven consecutive years.

For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


Source/Contact for Media Inquiries Only:
Lieff Cabraser Heimann & Bernstein, LLP
Sharon Lee, 415-956-1000




Abraham, Fruchter & Twersky, LLP
Securities Lawyers | 2010/09/27 09:27

Abraham, Fruchter & Twersky, LLP announces that it has been retained to file a class action law suit on behalf of purchasers of Duoyuan Printing, Inc.stock between November 6, 2009 through September 13, 2010, including purchasers of the Company's November 6, 2009 initial public offering of common stock.

The Complaint alleges that throughout the Class Period, defendants 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; and (3) that the Company lacked adequate internal and financial controls. As a result, 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. In a reaction to the Company's revelations, Duoyuan Printing securities declined $3.60 or more than 54% and closed at $2.99 on September 13, 2010.

If you purchased Duoyuan Printing common stock during the Class Period of November 6, 2009 through September 13, 2010, and you wish to serve as lead plaintiff in this action, you must move the Court no later than November 19, 2010. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.

If you would like to discuss this action or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: Jack G. Fruchter or Arthur J. Chen of Abraham, Fruchter & Twersky, LLP at (800) 440-8986, or via e-mail at info@aftlaw.com or achen@aftlaw.com.

Abraham, Fruchter & Twersky, LLP has extensive experience prosecuting securities class action cases, and the firm has been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services.



Kaplan Fox Files Securities Class Action
Court News | 2010/09/27 07:27

Kaplan Fox & Kilsheimer LLP has filed a class action suit against Arena Pharmaceuticals, Inc. that alleges violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 on behalf of purchasers of Arena securities during the period May 11, 2009 and September 16, 2010 inclusive, including investors who purchased Arena shares in the Company's public offerings of common stock during the Class Period (the "Class").

The case is pending in the United States District Court for the Southern District of California. A copy of the complaint may be obtained from Kaplan Fox or the Court. The Complaint alleges that throughout the Class Period the Company represented to investors that the New Drug Application ("NDA") for its drug lorcaserin, or Lorqess, was based on extensive and robust data, and, that lorcaserin's combination of efficacy, safety and tolerability would position the drug candidate as first-line therapy for weight management.

The Complaint further alleges that on September 14, 2010, investors began to learn the truth about lorcaserin when the FDA disclosed a Briefing Document titled NDA 22529 Lorqess (lorcaserin hydrochloride) Tablets, 10 mg Sponsor: Arena Pharmaceuticals Advisory Committee - September 16, 2010, which revealed, among other things, that lorcaserin caused cancer in rats in certain preclinical studies.

On September 14, 2010, Arena shares declined from a close on September 13, 2010 of $6.85 per share, to close at $4.13 per share, a decline of $2.71 per share or approximately 40%. On September 16, 2010, the Wall Street Journal reported a federal advisory panel rejected lorcaserin. On September 17, 2010, Arena shares declined an additional $1.99 per share or approximately 47%.

If you are a member of the proposed Class, you may move the court no later than November 19, 2010 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving fraud. For more information about Kaplan Fox & Kilsheimer LLP, or to review a copy of the complaint filed in this action, you may visit our website at www.kaplanfox.com.



Judge refuses to dismiss AIG class-action lawsuit
Securities Class Action | 2010/09/27 05:18

A federal judge on Monday refused to dismiss a class-action lawsuit accusing American International Group Inc of misleading investors about its exposure to subprime mortgages, which led to a liquidity crisis and $182.3 billion of federal bailouts.

U.S. District Judge Laura Taylor Swain said the plaintiffs alleged facts "giving rise to a strong inference of fraudulent intent" in how AIG communicated publicly about the risks in its portfolio of credit default swaps.

The lawsuit covers investors who owned AIG securities between March 16, 2006, and September 16, 2008, when AIG received its first bailout.



Adobe stock plummets 20%
Stock Market News | 2010/09/22 22:02
Shares of Adobe Systems plummeted Wednesday after the software developer indicated that sales and earnings for its next quarter might fall short of expectations.

Adobe said late Tuesday that fourth-quarter profits, excluding one time items, would be in the range of 48 to 54 cents per share, while analysts were expecting 52 cents per share.

Shares of Adobe fell more than 20% from Tuesday's close and at one point hit $25.81, a new 52-week low.

David Hilal, an analyst at FBR Capital Markets, pointed to the disappointing performance of Adobe Creative Suite 5, a product grouping that includes Adobe Photoshop and Acrobat, as a reason for concern.

"The uncertainty of demand from these markets led management to provide lackluster guidance and makes us lower our expectations," Hilal wrote in an analysis, citing a lack of demand in both Japanese and domestic education markets.



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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
 
 
 

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