NEW YORK, Aug. 29, 2013 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. and Pomerantz Grossman Hufford Dahlstrom & Gross 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 November 13, 2013 at 9:30 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 Duoyuan Printing, Inc. ("DYP"), Wenhua Guo, Xiquing Diao, Christopher P. Holbert, Lianjun Cai, Punan Xie, and William D. Suh (collectively, the "Settling Defendants") consisting of the sum of $4,300,000, 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 $175,000, and awards to each Class Representative not to exceed $1,500 should be approved; and (4) whether the Litigation as against Settling Defendants and Defendants Baiyun Sun and James Zhang 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 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, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than October 9, 2013, establishing that you are entitled to recovery. 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 October 23, 2013.
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 below and in the manner detailed in the Notice by no later than October 23, 2013.
|COURT||PLAINTIFFS' COUNSEL||DEFENSE COUNSEL|
|Clerk of the Court||Jason S. Cowart||Joel M. Mitnick|
|United States District Court||POMERANTZ GROSSMAN HUFFORD DAHLSTROM & GROSS LLP||SIDLEY AUSTIN LLP|
|Southern District New York||787 Seventh Avenue|
|500 Pearl Street||New York, NY 10019|
|New York, NY 10007||600 Third Avenue|
|New York, NY 10016||Joseph De Simone|
|MAYER BROWN LLP|
|Class Counsel for Plaintiffs||1675 Broadway|
|New York, NY 10019|
|Harry A. Woods, Jr.|
|CROWE & DUNLEVY, P.C.|
|20 N. Broadway Ave., Suite 1800|
|Oklahoma City, OK 73102|
|Counsel for Settling Defendants|
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: AUGUST 1, 2013
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK
Laurence M. Rosen, Esq.
Timothy W. Brown, Esq.
THE ROSEN LAW FIRM, P.A.
Tel.: (212) 686-1060
Source: The Rosen Law Firm PA