Hall of Shame

Duoyuan Printing (DYP US)

This Chinese manufacturer of printing equipment originally gained a stock listing in the US through a 2006 reverse merger. DYNP had a share offering in November 2009 and in the period to March 2011, massively inflated revenues and profit. For example, SAIC filings in the PRC showed that DYNP and its principal operating subsidiaries generated revenue of US$0.4m in 2009 and had US$0.14m cash at YE. In contrast, SEC filings showed 2009 revenues of US$119.3m and YE cash of US$96.7m. These issues emerged when DYNP disclosed that it had dismissed its recently hired independent registered public (Deloitte) and that this led to the Company’s CEO, CFO and four members of the Board of Directors to immediately resign.

The shares were delisted in 2011.

OPM 38% (99th percentile) in 3Q2010; RoPA 62% (97th percentile)

US District Court: Legal document, 16 Feb 2012

Duoyuan Printing: Form 8-K: Changes in Registrant's Certifying Accountant & Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers, 6 Sep 2010

Duoyuan Printing: Prospectus, 5 Nov 2009