Thanks all for the update, particularly heth for his timely information. I have two opinion here regarding my shares:
1) I can wait ten more days for the company to response to SEC notice. We will see what will happen.
2) In case the company is revoked, I guess it must dissolve as a Wyoming corporation. In order to do that, it must settle all disputes with its shareholders. Guo alone has the majority of the shares, so basically he can do what he want to do. BUT, any settlement with minor shareholders like us must be based on its declared cash (March 21 2010 filing I believed, and its consistent claim/statement that it is a profit company... and its recent new entity (casting plant in Hunan province which costs roughly (I had a prior post, that number can be easily got). The money it invested is our money...
In case we are unfairly treated, I am willing to hire a lawyer in here or in China to get our money back. But the best way to pursue this is we should join hand and share the cost and time (I hope we are not heading in this direction).
Anyway, we will see what is going to happen.
These class action lawsuits serve only one purpose: enrich the lawyers not even a tiny interest of our shareholders in many cases -- particularly Chinese companies now in limbo.
These lawyers cannot even find the address to send their notices, how can anyone trust them to give us justice and fair treatment. They will settle with any amount they can get at the loss of us investors.
I am interested in my own lawsuit and I may have enough people interested in case we have to go alone.
wow, I have 89K so we have about the same but my dollar cost avg is horrible, $1.68/share, on DGWIY 50K shares at $0.29/share; all I know is the fates of DYNP and DGWIY is controlled by Wenhua Guo, if one succeeds the other will, if one fails the other will, right now one of them has to take the lead to succeed!!!
I guess the RINO case may serve as a worst scenario in which it settled a class action lawsuit (3.5 million?) and a civil lawsuit with SEC for a fine of $150,000 and $100, 000 respectively for the couple (CEO and his wife).
Is anyone familiar with CCME's case or other cases?
Fuqi is unfolding, it will be interesting to see what happens?
Arhdan, it is interesting that RINO is still trading and not revoked. I don't know what the rule is for SEC to take such administrative procedure or revoke.
I think it is still a bit too early to talk about shareholder lawsuit, at this point, I am more interested to know:
1. Is DYNP's audit committee still functioning?
2. Are they still working with the lawfirm they hired two years ago to actively resolving the issue?
If we can find a way to talk to Mr. Cai, the audit committee chair (who happens to be the chair for DGWIY too), I think he is the key person that can provide the answer to these questions.
ARHDAN-Misesaw, on the DGWIY board, made reference to CILE and NIVS :Chinese companies which are being sued by the SEC to recover money stolen by the company founders after being revoked.I believe these companies are no longer operating. We know DYNP and dgwiy are still operating entities.The next step maybe the SEC will file a lawsuit forcing the companies to start reporting or face financial judgements, with the cooperation of Chinese courts. The SEC and the CSRC and the Chinese government reached a memorandum of understanding with both countries stating a willingness to cooperate This revocation may be the necessary prelude to force these companies to restart their financial reporting.We should welcome the SEC involvement.