Deer Consumer Products, Inc. Announces Significant Developments In New York Litigation Against Illegal Short Sellers, Conducts Normal Course Of Business And Confirms Prior Disclosures
NEW YORK, Sept. 6, 2011 /PRNewswire/ -- Deer Consumer Products, Inc. (Nasdaq: DEER) (website: http://www.deerinc.com/), a leading provider of "DEER" branded household consumer products to Chinese consumers and a vertically integrated manufacturer of small household and kitchen appliances for global customers today announced that Deer is fully aware of the latest desperate short seller attacks on Deer on September 6, 2011, including another publication of the same old lies by a fictitious figure " Alfred Little," including totally fabricated information, false identities, and false allegations against the Company. Deer has repeatedly filed relevant land acquisition related documents with the Securities and Exchange Commission (SEC), and Deer stands by the accuracy of its public filings.
Deer is not aware of any negative development with its business and is conducting its normal course of business.
Deer also notes the short seller " Alfred Little's" attempt to link Deer to a heavily shorted and unrelated company, Harbin Electric, Inc. whose management team has announced a going private transaction at $24 per share in cash, with a shareholder voting record date of September 13, 2011, and advised by Goldman Sachs, Morgan Stanley and Lazard Freres & Co., as well as represented by several global law firms.
DEER REPORTS SIGNIFICANT PROGRESS MADE AGAINST STOCK MANIPULATORSOn March 28, 2011, Deer filed suit against short sellers and certain bloggers including " Alfred Little," a now-admitted fictitious figure, alleging an orchestrated scheme to manipulate and depress Deer's stock. Since then, " Alfred Little" has failed to answer the complaint, changed his identity from a real person to a web-site, and attempted to extort the company by threatening to publish more false defamatory reports until the company dropped its claims against these defendants. On August 29, 2011, the New York Supreme Court granted Deer's motion to serve " Alfred Little" with the summons and complaint in the New York Litigation by e-mail and " Alfred Little" was served the following day. A default judgment may be granted against " Alfred Little" if this defendant does not show up in court. Deer is represented by highly credible and competent legal counsel against the short seller defendants. Further, as previously disclosed by the company, Deer has court permission to serve document subpoenas on various parties related to the lawsuit to identify the anonymous defendants and Deer will conduct all necessary inquiries relating to the apparent stock manipulation scheme against the Company.
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