Glancy Binkow & Goldberg LLP, Representing Shareholders of Duoyuan Global Water, Inc., Announces a November 22, 2010, Deadline t
06 November 2010 - 12:00PM
Glancy Binkow & Goldberg LLP announces that all persons or
entities who purchased or otherwise acquired the securities of
Duoyuan Global Water, Inc. ("Duoyuan Global Water" or the
"Company") (NYSE:DGW) between November 9, 2009 and September 13,
2010, inclusive (the "Class Period"), have 17 days until the
November 22, 2010, deadline to move the Court to serve as Lead
Plaintiff in the securities fraud class action lawsuit. The case
filed by Glancy Binkow & Goldberg LLP, Li v. Duoyuan Global
Water, Inc., et al., No. 10-cv-07233-GBD, has been assigned to the
Honorable George B. Daniels, United States District Judge for the
Southern District of New York.
A copy of the Complaint is available from the court or from
Glancy Binkow & Goldberg LLP. Please contact us by phone
to discuss this action or to obtain a copy of the Complaint at
(310) 201‑9150 or Toll Free at (888) 773‑9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
The Complaint charges Duoyuan Global Water and certain of the
Company's executive officers with violations of federal securities
laws. Duoyuan Global Water engages in the manufacture and sale
of water treatment equipment – including circulating water
treatment equipment, water purification equipment and wastewater
treatment equipment – primarily to wastewater treatment plants,
water works facilities, manufacturing plants, commercial
businesses, residential communities and individual customers in the
People's Republic of China. The Company, primarily through its
chairman, chief executive officer and controlling shareholder,
Wenhua Guo, maintains a substantial interconnection with Duoyuan
Printing, Inc. ("DYP"), a Beijing, China-based manufacturer of
commercial offset printing presses, which shares the same
headquarters as Duoyuan Global Water. Wenhua Guo also served
as chairman of DYP during the Class Period and is the beneficial
owner of 100% of the equity interest in Duoyuan Global Water's
majority shareholder, Duoyuan Investments Limited.
The Complaint alleges that throughout the Class Period
defendants knew or recklessly disregarded that their public
statements concerning Duoyuan Global Water's business, operations,
and prospects were materially false and
misleading. Specifically, defendants made false and/or
misleading statements and/or failed to disclose, among other
things, that: (1) due to the substantial interconnection between
Duoyuan Global Water and DYP, the existence of accounting
improprieties and ineffective internal controls at DYP could
negatively impact Duoyuan Global Water; and (2), as a result,
during the Class Period the defendants lacked a reasonable basis
for their statements about Duoyuan Global Water, its business,
operations, prospects and growth.
On September 13, 2010, DYP announced a series of alarming
management changes – including the resignation of its CEO, its
chief financial officer, and at least four members of its board of
directors – and the dismissal of its independent registered public
accounting firm, Deloitte Touche Tohmatsu CPA Ltd. As a result
of this news, shares of Duoyuan Global Water declined $8.60 per
share, or more than 41%, to close on September 13, 2010, at $12.10
per share, on unusually heavy trading volume. Although the
announcement specifically concerned DYP, analysts at Janney Capital
Markets suspended coverage of Duoyuan Global Water, and Piper
Jaffray & Co. decreased its price target for the Company
approximately 73%, from $34.00 per share down to $9.00 per share,
effectively based on the significant ties between Duoyuan Global
Water and DYP.
The Private Securities Litigation Reform Act of 1995 ("PSLRA")
requires the Court to appoint a "Lead Plaintiff" in this case.
Any person or group who suffered a loss as a result of
purchasing Duoyuan Global Water securities during the Class Period
may ask the Court to be appointed as Lead Plaintiff, but must file
a motion no later than the November 22, 2010 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant
experience in prosecuting class actions, substantial expertise in
actions involving corporate fraud, and is representing Duoyuan
Global Water shareholders in this litigation.
If you wish to discuss this action or have any questions
concerning this Notice or your rights or interests with respect to
these matters, please contact Michael Goldberg, Esquire, of Glancy
Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los
Angeles, California 90067, by telephone at (310) 201‑9150, Toll
Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com.
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lionel Z. Glancy
Michael Goldberg
(310) 201-9150
(888) 773-9224
shareholders@glancylaw.com
www.glancylaw.com
Duoyuan Global Water American Depositary Shares (NYSE:DGW)
Historical Stock Chart
From May 2024 to Jun 2024
Duoyuan Global Water American Depositary Shares (NYSE:DGW)
Historical Stock Chart
From Jun 2023 to Jun 2024