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Fushi Copperweld, Inc FSIN Securities Stock Fraud

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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:
New York, NY: A securities class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased or otherwise acquired stock of Fushi Copperweld, Inc. ("Fushi" or the "Company") (NASDAQ: FSIN) during the period between August 14, 2007 through and including March 29, 2011 (the "Class Period"). No class has yet been certifed.

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.

Fushi Copperweld, Inc FSIN Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Fushi Copperweld, Inc securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

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