Duoyuan Global Water, Inc.
Robbins Umeda LLP Announces an Investigation of Duoyuan Global Water Inc. for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of Duoyuan Global Water Inc. (NYSE: DGW). The firm has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Duoyuan between June 24, 2009 and April 4, 2011. Duoyuan, through its subsidiaries, manufactures and distributes water environment protection equipment and water treatment products in the People’s Republic of China. The company was founded in 1992, is headquartered in Beijing, China and is incorporated in Delaware.
Robbins Umeda’s investigation focuses on whether the directors and officers of Duoyuan harmed the company by engaging in self-dealing and issuing false and misleading statements about the company’s financial results. On April 4, 2011, analyst firm Muddy Waters issued a report suggesting that Duoyuan had overstated its revenues, fabricated its audit reports, and engaged in improper, undisclosed related-party transactions that transferred money to its chairman. To support its claims, Muddy Waters purportedly conducted extensive surveillance, but observed minimal production and virtually no shipments in and out of the factory. Further, Duoyuan’s Chief Financial Officer, Stephen C. Park, announced his resignation.
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