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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




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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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