SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

June 21, 2011 14:41 ET

The Law Firm of Levi & Korsinsky Announces Class Action Lawsuit Against Fushi Copperweld, Inc. and Notifies Investors the Lead Plaintiff Deadline Is July 5, 2011

NEW YORK, NY--(Marketwire - Jun 21, 2011) - Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Middle District of Tennessee on behalf of purchasers of Fushi Copperweld, Inc. (NASDAQ: FSIN) stock who purchased between August 14, 2007 and May 4, 2011.

The complaint alleges that during the class period certain of the Company's executive officers and directors issued materially false and misleading information regarding the Company's business practices and financial results. On March 11, 2011, Fushi issued a press release announcing its preliminary fourth quarter and full year 2010 earnings results. Additionally, Fushi announced the reevaluation of the Company's application of GAAP in certain accounting treatments applied to its 2007, 2008, and 2009 financial results, as well as its first three quarters of 2010. On March 29, 2011, Fushi disclosed that the Company's financial statements for 2007, 2008, 2009, and the first three quarters of 2010 should be restated and could no longer be relied upon. Upon this news, Fushi shares dropped $1.68 per share. Share prices dropped further on May 4, 2011, when the Company reported its first quarter 2011 financial results of $65.9 million and net income of $6.8 million -- well below analysts' estimates.

If you are a member of the class and suffered a loss in Fushi stock, you have until July 5, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. To obtain additional information about your rights, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/Fushi-Copperweld.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 15th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171
    www.zlk.com