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Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Orient Paper, Inc.

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  Published in House and Home on Thursday, August 19th 2010 at 17:40 GMT by Market Wire
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BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims against Orient Paper, Inc. (aOrient Papera or the aCompanya) (AMEX:ONP) concerning possible breaches of fiduciary duty or other violations of law by the Companya™s board of directors. Orient Paper, through its subsidiary, Hebei Baoding Orient Paper Milling Company Limited (aHBOPa), engages in the production and distribution of paper and paper products in the Peoplea™s Republic of China.

The investigation is related to allegations that since at least March 2009 the Company issued a series of false and misleading statements in which it failed to disclose that the Companya™s revenues were substantially overstated and in which it exaggerated the extent of the Companya™s business operations. On June 28, 2010, an entity calling itself Muddy Waters, LLC (aMuddy Watersa) released a report indicating that Orient Paper had issued false financial statements and press releases, including that Orient Papera™s fiscal 2008 revenues were massively overstated.

On July 16, 2010, the Company announced that its Board of Directors would retain Loeb & Loeb LLP to work with the Company's Audit Committee to retain a Big Four audit firm, to conduct an independent investigation into the issues raised by Muddy Waters. On July 28, 2010, Roth Capital Partners LLC, which had acted as underwriter and sold $25 million worth of Company stock in a secondary offering on March 31, 2010, announced it was suspending analyst coverage of the stock pending the results of the investigation and its own due diligence.

If you purchased shares of Orient Paper and still hold those shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ www.howardsmithlaw.com ].