Duoyuan Global Water (DGWIY US)

Year: 2011

Duoyuan Global Water (DGW) listed on the NYSE in June 2009. After accounting irregularities were discovered at its affiliate Duoyuan Printing (DYNP US) in September 2010, the company's board ordered its audit committee to establish an independent review. In March 2011, short-seller Muddy Waters published a report alleging fraud. The company's CFO resigned on the same day. On 20 April, four directors resigned citing the company's failure to cooperate with the ongoing independent review. In July 2011, DWG announced a delay to the publication its results, resulting in a delisting from the NYSE in June 2012. DWG appears to have gone dark with its last filing in October 2012 relating to the appointment of a new director. The results of the special investigation committee were never published. Independent auditors Grant Thornton never qualified DWG's financials or resigned. 

Last updated August 2021

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