NEW YORK, Dec. 20, 2011 /PRNewswire/ -- Deer Consumer Products, Inc. (Nasdaq: DEER) (website: http://www.deerinc.com/), a leading provider of "DEER" branded household consumer products and a vertically integrated manufacturer of small household and kitchen appliances for global customers, announced today that late yesterday it was the victim of a threat by "Alfred Little" a group disguised through fabricated identities and fake addresses and phone numbers, that have engaged in a series of "short and distort" schemes against more than a dozen U.S.-listed companies. As reported in Deer's most recent 10-Q, "on March 28, 2011, Deer filed suit in the Supreme Court of the State of New York, captioned Deer Consumer Products, Inc. v. Alfred Little, et al., Index No. 650823/2011, against "Alfred Little," the website SeekingAlpha.com and others. Our claims in this action allege the publishing of false and defamatory statements by the defendants as part of an orchestrated scheme to manipulate and depress the market for our common stock. We are claiming compensatory and punitive damages totaling at least $11 million, not including claims for attorneys' fees, and other equitable remedies, including disgorgement of any illicit trading profits received by the defendants in connection with the alleged market manipulation scheme. On August 29, 2011, we obtained a Court order allowing us to effect service of the summons and complaint upon defendant Alfred Little via email and related notice. We effected service on Alfred Little pursuant to that order." The December 19 threat, circulated by electronic transmission on one of the Alfred Little websites, demanded that Deer either withdraw its lawsuit against Little now pending in the Supreme Court of the State of New York, or suffer the consequences of a reign of terror that would begin today December 20 via additional attacks upon Deer by Little via electronic publications on the internet. The threat caused a sharp drop in Deer's share price on December 19, 2011. In a recent blog post, "Alfred Little" threatened to continue publishing what Deer believes are false statements about the company based on fabricated data. The "Alfred Little" blog post further stated that "[i]f DEER wishes to prevent further investigative research from appearing on A*L [the "Alfred Little" website] the company needs to halt its legal proceedings and leave our contributors and us alone." Deer believes that this recent blog post by "Alfred Little" is an attempt to force the company, as well as other plaintiffs, into withdrawing pending lawsuits against "Alfred Little," and its conspirators.
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.