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.
Deer views the new actions of "Alfred Little" and others as an
attempt to subvert the normal course of the judicial process. They
will not succeed in coercing Deer to withdraw its lawsuit and bring
the culpable parties to justice for their relentless
unsubstantiated attacks. Deer remains in full
compliance with U.S. securities laws.
About Deer Consumer Products, Inc.
Deer Consumer Products, Inc. is a NASDAQ Global Select Market
listed U.S. company with its primary operations in China. Deer has a 17-year operating business
as well as a strong balance sheet. Operated by Deer's founders and
supported by more than 100 patents, trademarks, copyrights, Deer is
a leading provider of "DEER" branded consumer products to Chinese
consumers and a leading vertically integrated manufacturer of small
home and kitchen appliances for global customers. In 2011, Deer has
paid quarterly cash dividends of $0.05 per share. As of the end of
third quarter 2011, Deer had approximately $5.15 per share in net
assets without any long-term debts.
Safe Harbor Statement
All statements in this press release that are not historical are
forward-looking statements made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
There can be no assurance that actual results will not differ from
the company's expectations. You are cautioned not to place undue
reliance on any forward-looking statements in this press release as
they reflect Deer's current expectations with respect to future
events and are subject to risks and uncertainties that may cause
actual results to differ materially from those contemplated.
Potential risks and uncertainties include, but are not limited to,
the risks described in Deer's filings with the Securities and
Exchange Commission.
Corporate Contact:
Helen Wang, President
Deer Consumer Products, Inc.
Tel: 011-86-755-86028300
Email: investors@deerinc.com
SOURCE Deer Consumer Products, Inc.
