Duoyuan Printing, Inc. Under Investor Investigation Over Possible Securities Laws Violations

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Company Name(s): 
Duoyuan Printing
Affected Securities: 

An investigation on behalf of investors in shares of Duoyuan Printing, Inc. (NYSE:DYP) over possible violations of Federal Securities laws by Duoyuan Printing and others was announced.

The investigation by a law firm concerns whether Duoyuan Printing, Inc. made materially misleading public statements. Duoyuan Printing, Inc. is an offset printing equipment supplier in the People’s Republic of China. Duoyuan Printing, Inc. reported an revenue increase of 100% over the past four years. Duoyuan Printing 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’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 announced in connection with DYP'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’s common stock declined by about 55%, or $3.60 per share, to close at $2.99 per share. Shares of Duoyuan Printing, Inc. (Public, NYSE:DYP) recently traded at $3.07 per share, down from its current 52weekHigh of $11.23 per share.