Chinese Water Co. To Pay $5.1M In Shareholder Action

Law360, New York (September 13, 2013, 2:28 PM EDT) -- The plaintiffs in a proposed shareholder class action against Duoyuan Global Water Inc. asked a New York federal judge on Thursday to approve a $5.1 million settlement, possibly terminating claims the China-based water treatment company distorted its financial disclosures before going public.  

The proposed settlement follows nearly three years of litigation stemming from DGW's 2009 initial public offering. The IPO painted a company poised for success, an illusion later destroyed by a series of “devastating disclosures,” the plaintiffs alleged in their 2010 complaint. Under the settlement...
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