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The Shuman Law Firm Announces the Filing of a Class Action Lawsuit against Orient Paper Inc.

^{Published on 2010-08-26 14:20:44 - Market Wire}
 

BOULDER, Colo.--([ BUSINESS WIRE ])--The Shuman Law Firm today announced that a class action has been commenced in the United States District Court for the Central District of California on behalf of all persons who purchased the common stock of Orient Paper Inc. ("Orient Paper" or the "Company") (AMEX: ONP) between March 27, 2009 and July 22, 2010, inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll-free at 866-974-8626 or email Mr. Shuman at [ kip@shumanlawfirm.com ] or Mr. Glenn at [ rusty@shumanlawfirm.com ].

The Complaint alleges that Orient Paper and certain of its officers and directors misrepresented the Companya™s financial performance, business prospects, and financial condition. The Complaint also alleges that the Companya™s revenues were overstated and that the Company exaggerated the extent of its business operations. On June 28, 2010, an entity calling itself Muddy Waters released a report containing facts indicating that Orient Paper had issued false financial statements and press releases. The report was followed by a series of back-and-forth accusations between Muddy Waters and the Company. On July 16, 2010, Orient Paper announced that it would retain a law firm and an accounting firm to conduct an investigation into the issues raised by Muddy Waters. Following these disclosures, Orient Papera™s share price dropped substantially, damaging shareholders.

If you purchased Orient Paper during the Class Period, you may request that the Court appoint you as lead plaintiff of the class no later than October 5, 2010. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.