Officials in 50 states and the District of Columbia have launched a joint investigation into allegations that mortgage companies mishandled documents and broke laws in foreclosing on hundreds of thousands of homeowners.

The states' attorneys general and bank regulators will examine whether mortgage company employees made false statements or prepared documents improperly.

Alabama initially did not sign on to the investigation. It reversed course after the joint statement was released.

Attorneys general have taken the lead in responding to a nationwide scandal that's called into question the accuracy and legitimacy of documents that lenders relied on to evict people from the homes. Employees of four large lenders have acknowledged in depositions that they signed off on foreclosure documents without reading them.

The allegations raise the possibility that foreclosure proceedings nationwide could be subject to legal challenge. Some foreclosures could be overturned. More than 2.5 million homes have been lost to foreclosure since the recession started in December 2007, according to RealtyTrac Inc.

The state officials said they intend to use their investigation to fix the problems that surfaced in the mortgage industry.

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

The Securities and Exchange Commission's chief enforcement official says the agency has toughened its efforts to shut down financial misconduct after failing to act quickly in the cases of R. Allen Stanford and Bernard Madoff.

SEC Enforcement Director Robert Khuzami says in testimony prepared for a Senate hearing that "we have moved aggressively" to put in place reforms recommended by the SEC inspector general. The IG found that the SEC knew since 1997 that Stanford likely was operating a Ponzi scheme but waited 12 years to bring fraud charges against the billionaire.

Khuzami also tells the Senate Banking Committee the SEC is working to provide "maximum recovery" to investors hurt in Stanford's alleged $7 billion fraud.

Stanford has been in federal prison since his indictment in June 2009 on criminal charges that his international banking business was really a pyramid scheme. He is disputing the charges. He faces a life sentence if convicted.

The SEC didn't bring civil fraud charges against Stanford until February 2009. SEC Inspector General David Kotz said in a report issued in April that "institutional influence" in the enforcement division was a factor in the agency's repeated decisions not to conduct a full investigation.

The report found that SEC enforcement officials discouraged cases that couldn't be resolved quickly. And it said an SEC enforcement official who helped quash investigations later legally represented Stanford.

The SEC's office in Fort Worth, Texas, had conducted "examination after examination" of Stanford's business over eight years, but "merely watched the alleged fraud grow, and failed to take any action to stop it," Kotz testified at Wednesday's hearing.

President Barack Obama will call on Congress to pass new tax breaks that would allow businesses to write off 100 percent of their new capital investments through 2011, the latest in a series of proposals the White House is rolling out in hopes of showing action on the economy ahead of the November elections.

An administration official said the tax breaks would save businesses $200 billion over two years, allowing companies to have more cash on hand. The president will outline the proposal during a speech on the economy in Cleveland Wednesday.

Amid an uptick in unemployment to 9.6 percent, and polls showing that the November election could be dismal for Democrats, Obama has promised to propose new steps to stimulate the economy. In addition to the business investment tax breaks, he will also call for a $50 billion infrastructure investment and a permanent expansion of research and development tax credits for companies.

The proposals would requires congressional approval, which is highly uncertain given Washington's partisan atmosphere.

"The White House is missing the big picture. None of its plans address the two big problems that are hurting our economy: excessive government spending, and the uncertainty that their policies....are creating for small businesses," House Minority Leader John Boehner said.

Concerns over adding to the mounting federal deficit could also keep some Democratic lawmakers from approving new spending so close to the midterm elections. And even if legislators could pass some of the proposals in the short window between their return to Capitol Hill in mid-September and the elections, it's unlikely the efforts would significantly stimulate the economy by November.

Stimulus measures enacted in 2008 and 2009 allowed businesses to depreciate 50 percent of their capital investments. A separate small business bill the White House is urging the Senate to pass would extend that tax break through the end of this year.

A New York Federal District Court has “substantially denied” Bank of America Merrill Lynch’s motions to dismiss a September 2009 case filed by Ohio Attorney General Richard Cordray on behalf of five pension funds.

According to Judge P. Kevin Castel’s ruling, the Court approved the securities fraud and false proxy claims against the two companies and their respective management officials will be allowed to move forward.

Specifically, allegations that they failed to disclose the agreement to pay up to $5.8 billion in discretionary bonuses. Also, liability and false offering claims, as well as false proxy statement claims that BofA failed to disclose Merrill’s fourth quarter 2008 losses will be included in future deliberation.

Dismissed actions include securities fraud claims, which include allege that BofA failed to disclose Merrill’s previous 2008 losses, a Monday announcement said.

“The court’s ruling is a major win not only for Ohio teachers, public employees and all Bank of America shareholders, but it also is a win for shareholders of every company and for our financial system,” Cordray said in his comments. “The court ruled that companies cannot pick and choose what they will tell their shareholders. Companies will not be allowed to hide exorbitant bonuses and huge losses from their shareholders.

Cordray, the state watchdog, also explained in the Aug. 30 statement that he would “move forward move forward aggressively with this action to hold these companies and executives accountable” for the lead plaintiff group, which includes the State Teachers Retirement System of Ohio, the Ohio Public Employees Retirement System, the Teacher Retirement System of Texas and two European public pension funds.