NEW YORK, Sept. 16, 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 scheduled to pay on October 14, 2011, its regular quarterly cash dividend of $0.05 per share to shareholders of record as of September 30, 2011. In 2011, Deer has consistently made quarterly cash dividend payments of $0.05 per share to its shareholders. Deer anticipates reporting strong 3rd quarter product sales as it continues to conduct its normal course of business. EXTORTION ATTEMPTS AND FALSE ALLEGATIONS BY ILLEGAL STOCK SHORT SELLERS Deer is fully aware of the latest desperate illegal short seller attacks on its stock, including repeated publication of the same misstatements by fictitious figure " Alfred Little" and so-called bloggers called "GeoInvesting". Deer management emphatically and categorically denies the allegations and imputations in these stories which are based on fabricated information credited to sources with false identities and include inaccurate statements regarding China land use rights and Deer's business. The authors of these publications, " Alfred Little" and "GeoInvesting," have failed to reveal their true identities and conflicts of interest to avoid responsibility for their spreading of false statements, continued defamation of Deer and engaging in market manipulation. In connection with these publications, the entities behind them have approached Deer with questionable offers to cease their "attacks". For example, " Alfred Little" offered to issue retractions of various articles in exchange for Deer dropping its ongoing subpoena and discovery efforts in the Superior Court of the State of New York and "GeoInvesting" offered to provide paid "consulting services" to Deer several months ago. Deer refuses to compromise its vigorous efforts against these entities that the Company believes are operating for the benefit of short sellers. HARBIN ELECTRIC, A PUBLIC COMPANY GOING PRIVATE AT $24 PER SHARE Deer also notes that short sellers have attempted to link Deer to a highly profitable, heavily shorted and unrelated company, Harbin Electric, Inc., which is in the process of completing a going private transaction at $24 per share in cash, advised by Goldman Sachs, Morgan Stanley and Lazard Freres & Co., as well as law firms including Skadden, Arps, Slate, Meagher & Flom LLP, Davis Polk & Wardwell, Gibson, Dunn & Crutcher LLP and Loeb & Loeb LLP. Harbin has been on the NASDAQ's Reg. SHO list for the last 70 days, indicating naked short sellers have failed to deliver shares on settlement dates in blatant violation of U.S. securities laws. Like the common stock of Harbin Electric, Deer believes its stock has also been manipulated in collusion among "naked" short sellers. Deer believes that these illegal short sellers include California and offshore-based hedge funds and individuals that distribute false and fabricated information concerning Deer via various websites and blogs. Deer will continue to vigorously pursue all legal actions to protect its shareholders' value. SHORT SELLER RECOMMENDATIONS ARE NOT REGISTERED WITH THE SEC
Shares of Deer Consumer Products (Nasdaq:DEER) have taken a tremendous swing upward. The stock is trading at $4.08 as of 9:35 a.m. ET, 28.3% above Wednesday's closing price of $3.18. Volume is at 119,644, 1.4 times the daily average of 84,200.
Shares of Deer Consumer Products (Nasdaq:DEER) have taken a tremendous swing upward. The stock is trading at $5.07 as of 2:19 p.m. ET, 20.4% above Wednesday's closing price of $4.21. Volume is at 165,235, 1.7 times the daily average of 94,600.