DEER (up 5%) not just standing there in the headlights...
10:49 DEER: Deer Consumer Products announces litigation against blogger, affirms 2011 financial guidance and dividend policy (8.30 +0.41)
Co announced that DEER has filed a lawsuit in the Supreme Court of the State of New York against blogger "Alfred Little" and others, related to their numerous false "research reports" about DEER, which appear to be part of an orchestrated scheme to manipulate and depress DEER's stock. DEER intends to pursue all legal means available to continue to defend the legal rights of the company and its shareholders against illegal short selling and market manipulation. As previously announced, Deer's initial quarterly cash dividend of $0.05 per share will be paid on April 14, 2011, to shareholders of record at the close of business on March 31, 2011. "DEER looks forward to meeting and potentially exceeding the Company's previously issued 2011 financial guidance: revenues between $200-220 mln, net income between $35-37 mln, and EPS between $1.08-1.12." Current FY11 consensus sees EPS of $1.09; revenues of $215.9 mln.
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