| Company: | Fushi Copperweld, Inc |
| Ticker Symbol: | FSIN |
| Class Period: | Aug-14-07 to Mar-29-11 |
| Date Filed: | May-10-11 |
| Lead Plaintiff Deadline: | Jul-9-11 |
| Court: | Southern District of New York |
| Allegations: | |
The Complaint was filed against Fushi over alleged violations of Federal Securities Laws. On March 11, 2011, Fushi released a statement that said, "[t]he Company... is currently reevaluating the application of generally accepted accounting principles ("GAAP") in certain accounting treatments applied to its 2007, 2008, and 2009 financial results as well as it previously filed quarterly financial statements for the first three quarters of 2010. These accounting treatments are related to the ability to realize deferred income tax assets, qualification of cash flow hedge for cross-currency interest swap, and bargain purchase gains recognized in 2010 acquisitions." On this news, the Fushi stock dropped $0.74 per share, nearly 8%, to close at $8.68. Over the next few days the stock continued to decline by an additional $0.94 to close at $7.74 on March 16, 2010.
Then on March 29, 2011, the company disclosed that previously issued financial statements for the years ended December 31, 2007, December 31, 2008, and December 31, 2009 and its unaudited interim financial statements for the quarters ended March 31, 2010, June 30, 2010, and September 30, 2010 should no longer be relied upon and should be restated.
Fushi shares fell from almost $10 in the beginning of March to under $8 during April 2011.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
