Duoyuan Printing Inc (NYSE: DYP) Investor Securities Class Action Lawsuit 09/20/2010

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Company Name(s): 
Duoyuan Printing
Case Name: 
Duoyuan Printing Shareholder Class Action Lawsuit 09/20/2010
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: DYP
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/20/2010
Class Period Begin: 
11/06/2009
Class Period End: 
03/28/2011
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
11/19/2010
Date Settled: 
11/27/2013
Settlement Amount: 
$1,893,750
Deadline to Participate in Settlement: 
05/26/2015
Summary: 

March 20, 2015 - The court preliminarily approved the partial settlement.

January 16, 2015 - Parties filed an additional stipulation of settlement.

July 11, 2014 - The U.S. Court of Appeals for the Second Circuit ordered that the parties stipulate to dismiss this appeal without prejudice to its reinstatement by December 31, 2014.

December 26, 2013 - A defendant and a cross-plaintiff filed a notice of appeal.

November 27, 2013 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

November 13, 2013 - The court granted a notice of voluntary dismissal of the second, third, and fifth cross-claims of the cross-complaint.

August 22, 2013 - The court denied the defendants' motion to dismiss but granted in part for one defendant.

August 1, 2013 - Parties filed another stipulation of settlement.

August 1, 2013 - The court preliminarily approved the settlement

June 28, 2013 - Parties filed a stipulation of settlement

October 29, 2012 - The defendants filed a motion to dismiss.

February 16, 2012 - The lead plaintiffs filed an amended consolidated complaint.

January 19, 2011 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

November 19, 2010 - A lead plaintiff motion was filed.

September 20, 2010 - An investor in shares of Duoyuan Printing Inc (NYSE: DYP now trading on the OTC sheets as OTC: DYNP) filed a lawsuit in the U.S. District Court for the Southern District of New York against Duoyuan Printing Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 6, 2009 and September 13, 2010.

The platiniff alleges that Duoyuan Printing Inc and certain of its top officials violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder and Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 by issuing 6, 2009 through and including September 13, 2010 false and/or misleading statements. Duoyuan Printing Inc reported an revenue increase of 100% over the past four years. Duoyuan Printing Inc reported on June 30, 2006 for the past 12months total revenue of $43.75million and on June 30, 2009 $106.59million total revenue. Its Net Income went over the same time period from $12.90million to $32.60million. Duoyuan Printing Inc’s Chairman, Wenhua Guo, is also Chief Executive Officer of Beijing-based Duoyuan Global Water Inc, a manufacturer of water treatment equipment.

Then on September 13, 2010, Duoyuan Printing Inc announced in connection with Duoyuan Printing Inc's "desire to resolve open issues and file our 10-K on a timely basis" the dismissal findings of its independent registered public accounting firm, Deloitte Touche Tohmatsu CPA Ltd. and several other management changes including the resignations of the Company’s CEO, CFO and the head of the Company’s Audit Committee. The Audit Committee has undertaken an independent investigation into Deloitte Touche Tohmatsu CPA Ltd.’s suggestion that certain expenses be investigation. Upon this news, Duoyaun Printing Inc’s common stock declined by about 55%, or $3.60 per share, to close at $2.99 per share.