The Rosen Law Firm P.A. Announces Second Class Action Settlement on Behalf of Purchasers of Common Stock of Duoyuan Printing, Inc. -- DYNP
NEW YORK, March 20, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. and Pomerantz LLP announce that the United States District Court Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Duoyuan Printing, Inc. (OTCMKTS:DYNP):
SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED DUOYUAN PRINTING, INC. ("DYP") COMMON STOCK PURSUANT AND/OR TRACEABLE TO DYP'S REGISTRATION STATEMENT AND PROSPECTUS ISSUED IN CONNECTION WITH DYP'S INITIAL PUBLIC OFFERING OF STOCK ON NOVEMBER 6, 2009; OR (2) PURCHASED OR OTHERWISE ACQUIRED DYP COMMON STOCK FROM NOVEMBER 6, 2009 TO MARCH 28, 2011, BOTH DATES INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York in the above-captioned action (the "Litigation"), that a hearing will be held on June 16, 2015 at 9:45 a.m. in courtroom 11A before the Honorable George B. Daniels, United States District Judge of the Southern District of New York, 500 Pearl Street, New York, New York 10007 (the "Settlement Hearing") for the purpose of determining: (1) whether the proposed Settlement between Plaintiffs and Defendants Piper Jaffray & Co. and Roth Capital Partners, Inc. (collectively, the "Settling Defendants") consisting of the sum of $1,893,750, should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the settlement proceeds is fair, reasonable and adequate; (3) whether the application for an award of attorneys' fees of one third of the Settlement amount, reimbursement of expenses of not more than $30,000, and awards to each Class Representative not to exceed $1,500 per representative should be approved; and (4) whether the Litigation as against Settling Defendants should be dismissed with prejudice.
If you purchased or otherwise acquired DYP common stock pursuant and/or traceable to DYP's Registration Statement and Prospectus issued in connection with DYP's initial public offering of Stock on November 6, 2009; or (2) purchased or otherwise acquired DYP common stock from November 6, 2009 to March 28, 2011, both dates inclusive, your rights may be affected by the Settlement of this action. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (the "Notice") and a copy of the Proof of Claim and Release, you may obtain copies by writing to DYP Securities Litigation, c/o Strategic Claims Services, Claims Administrator, P.O. Box 230, 600 North Jackson Street, Suite 3, Media, PA 19063, or going to the website, www.strategicclaims.net. If you are a member of the Class who did not submit a proof of claim form in the Partial Settlement with Defendants DYP, Wenhua Guo, Xiquing Diao, Christopher P. Holbert, Lianjun Cai, Punan Xie, and William D. Suh dated June 28, 2013 (the "June 28, 2013 Settlement"), in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release to the Claims Administrator postmarked no later than May 26, 2015, establishing that you are entitled to recovery. If you submitted a valid proof of claim in the June 28, 2013 Settlement, that proof of claim form will serve as your proof of claim form in this Settlement and you are automatically eligible for a recovery in this Settlement without needing to submit another proof of claim form. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Litigation whether or not you make a claim. To exclude yourself from the Class, you must submit a Request for Exclusion to the Claims Administrator in the manner detailed in the Notice, and postmarked no later than May 26, 2015.
Any objection to the Settlement, Plan of Allocation, or the Plaintiffs' Counsel's request for an award of attorneys' fees and reimbursement of expenses and awards to Class Representatives must be received by the addresses indicated in the Notice and below by no later than May 26, 2015.
|COURT||PLAINTIFFS' COUNSEL||DEFENSE COUNSEL|
|Clerk of the Court||Jason S. Cowart||Terri Combs|
|United States District Court||POMERANTZ LLP||FAEGRE, BAKER, & DANIELS, LLP|
|Southern District New York||600 Third Avenue||801 Grand Avenue|
|500 Pearl Street||New York, NY 10016||33rd Floor|
|New York, NY 10007||Des Moines, Iowa 50309|
|Laurence M. Rosen||Counsel for Settling Defendants|
|THE ROSEN LAW FIRM, P.A.|
|275 Madison Avenue, 34th Floor|
|New York, NY 10016|
|Class Counsel for Plaintiffs|
If you have any questions about the Settlement, you may call or write to Plaintiffs' Counsel identified above.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
DATED: FEBRUARY 11, 2015
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK