Duoyan Global Water (DGW) was listed on the NYSE in June 2009. Muddy Waters published a report on DGW with a Strong Sell rating and an estimated value of less than $1.00. Muddy Waters argued in its report that DGW’s actual revenue was no greater than US$0.8m pa, versus the US$154m it claimed; that DGW forged its PRC audit report; there were errors in DGW’s US audit, which indicates the auditor was sloppy; and that engaged in improper undisclosed related party transactions that transfer money to its chairman.
DGW was delisted in 2012. The company settled a case of fraud in Sept 2013.
OPM 32% in 2010 (99th percentile), RoPA 88% (99th percentile) Muddy Waters: Duoyuan Global Water Inc., 4 Apr 2011  Law360: Chinese Water Co. To Pay $5.1M In Shareholder Action, 13 Sep 2013
Duoyan Global Water: Annual Report 2009