Duoyuan Global Water (DGW), one of the top China water plays, is plunging today after Piper Jaffray downgraded the stock from Overweight to Underweight and slashed the price target from $34 to $9 due to concerns over its ties to Duoyuan Printing (DYP) which fired its auditor and reorganized top management.  Since the two companies share some key executives, Piper is concerned there are internal control and corporate governance issues at DGW as well. 

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