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| Duoyuan has announced the resignation of four members of the company's Board of Directors amidst allegations of fraudulent internal company controls. Duoyuan has engaged international law firm Baker & McKenzie and an international accounting firm to conduct an internal investigation and review of the company. |
Duoyuan has announced the resignation of four members of the company's Board of Directors amidst allegations of fraudulent internal company controls. Duoyuan has engaged international law firm Baker & McKenzie and an international accounting firm to conduct an internal investigation and review of the company. | ||
| Although Duoyuan Global Water has been accused of securities fraud in a class action lawsuit against the company, this is still in litigation and no formal ruling has been made yet. "We are optimistic that the newly appointed Special Investigation Committee will be able to work quickly towards a thorough and an early completion of their investigation," stated Mr. Wenhua Guo, the newly-appointed chairman of the Board of Directors. Duoyuan Global Water, Inc. is currently delisted from the NYSE, with its last price being $3.88 per share. Duoyuan does not stand alone as a China-based company under investigation, as there are several others currently being prosecuted for securities fraud as well. |
Although Duoyuan Global Water has been accused of securities fraud in a class action lawsuit against the company, this is still in litigation and no formal ruling has been made yet. "We are optimistic that the newly appointed Special Investigation Committee will be able to work quickly towards a thorough and an early completion of their investigation," stated Mr. Wenhua Guo, the newly-appointed chairman of the Board of Directors. Duoyuan Global Water, Inc. is currently delisted from the NYSE, with its last price being $3.88 per share. Duoyuan does not stand alone as a China-based company under investigation, as there are several others currently being prosecuted for securities fraud as well.<ref>Business Wire. , ''The Street'', September 21, 2010, accessed July 20, 2011.</ref> | ||
| == References == | == References == | ||
| <!--- See http://en.wikipedia.org/Wikipedia:Footnotes on how to create references using <ref></ref> tags which will then appear here automatically --> | <!--- See http://en.wikipedia.org/Wikipedia:Footnotes on how to create references using <ref></ref> tags which will then appear here automatically --> | ||
| {{Reflist}} | |||
| * SEC | * SEC | ||
| * BusinessWire search: | * BusinessWire search: | ||
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Duoyuan Global Water is a China-based company that specializes in manufacturing water and waste water treatment equipment. It has been around since 1992, providing over 100 types of products and treatment solutions for municipal, industrial, residential and agricultural water systems. Over two decades ago, Duoyuan created the first water treatment apparatus in China, and it has since won awards for its important products and treatment mechanisms.
History
- 1992
- Founding of Duoyuan.
- 1994
- Manufacturing facility built in Beijing.
- 1998
- Began production of pure water equipment.
- 2000
- Manufacturing facility built in Langfang.
- 2001
- Began production of sewage and waste water equipments.
- 2003
- Established first postdoctoral water treatment and R&D center.
- 2009
- Duoyuan Global Water, Inc. becomes the only water treatment equipment manufacturing company from China listed on the New York Stock Exchange.
- 2011
Duoyuan has announced the resignation of four members of the company's Board of Directors amidst allegations of fraudulent internal company controls. Duoyuan has engaged international law firm Baker & McKenzie and an international accounting firm to conduct an internal investigation and review of the company.
Although Duoyuan Global Water has been accused of securities fraud in a class action lawsuit against the company, this is still in litigation and no formal ruling has been made yet. "We are optimistic that the newly appointed Special Investigation Committee will be able to work quickly towards a thorough and an early completion of their investigation," stated Mr. Wenhua Guo, the newly-appointed chairman of the Board of Directors. Duoyuan Global Water, Inc. is currently delisted from the NYSE, with its last price being $3.88 per share. Duoyuan does not stand alone as a China-based company under investigation, as there are several others currently being prosecuted for securities fraud as well.
References
- SEC Duoyuan Global Water Company Filings
- BusinessWire search: Halter USX China Index Information
- Duoyuan Global Water Securities Class Action Website
External links
- Duoyuan Global Water Website
- Key Equipment Duoyuan Global Water Provides
- Law Firm Representing Duoyuan Global Water Shareholders
- DGW US Equity Stock Information
- Class Action Lawsuit Notice
- Allegations Against Other Chinese Companies
- Duoyuan Global Water Patent List and Important National Products
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