May 12, 2014 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.
September 4, 2013 - The court preliminarily approved the settlement.

August 29, 2013 - Parties filed a stipulation of settlement.

September 20, 2011 - The plaintiff of the May 6, 2011 complaint filed a notice of voluntary dismissal, dismissing any and all claims against the defendants without prejudice.

July 5, 2011 - Lead plaintiff motions were filed.

June 20, 2011 - Another investor filed a complaint.

May 6, 2011 - An investor in shares of Fushi Copperweld Inc (NASDAQ: FSIN) filed a lawsuit in the U.S. District Court for the Middle District of Tennessee against Fushi Copperweld Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 14, 2007 and May 4, 2011 .

The complaint charges Fushi Copperweld Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The plaintiff alleges that, between August 14, 2007 and May 4, 2011, defendants issued materially false and misleading statements regarding Fushi Copperweld Inc's business practices and financial results. As a result of defendants’ false statements, Fushi Copperweld Inc stock traded at artificially inflated prices during August 14, 2007 through May 4, 2011, reaching a high of $27.00 per share in December 2007.

On March 11, 2011, Fushi Copperweld Inc issued a press release announcing its preliminary fourth quarter and full year 2010 earnings results. Additionally, announced it was reevaluating the application of Generally Accepted Accounting Principles (“GAAP”) in certain accounting treatments applied to its 2007, 2008 and 2009 financial results and its previously filed quarterly financial statements for the first three quarters of 2010. On this news, Fushi Copperweld Inc shares dropped by $1.68 per share, to close at $7.74 per share on March 16, 2011 – a three day decline of 18%.

Subsequently, on March 29, 2011, Fushi Copperweld Inc filed a Form 8-K with the SEC disclosing that its Audit Committee had concluded that Fushi Copperweld Inc’s previously reported financial statements for the years ended December 31, 2009, 2008 and 2007 and its unaudited interim financial statements for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010 should be restated and should no longer be relied upon. On this news, Fushi Copperweld Inc shares dropped by $0.19 per share, to close at $8.12 per share on March 30, 2011, a one-day decline of 2.3% per share.

Then, on May 4, 2011, Fushi Copperweld Inc issued a press release announcing its first quarter 2011 financial results. Fushi Copperweld Inc reported revenue of $65.9 million and net income of $6.8 million, or $0.18 diluted earnings per share (“EPS”), below analysts’ estimates of EPS of $0.23. On this news, Fushi Copperweld Inc’s stock dropped again and began a steady decline from $8.46 per share on May 3, 2011, to $7.05 per share on May 19, 2011.

According to the complaint, the true facts, which were known by the defendants but concealed from the investing public between August 14, 2007 and May 4, 2011, were as follows: (a) Fushi Copperweld Inc was improperly applying hedge accounting to a cross currency interest swap derivative entered into in April 2007; (b) Fushi Copperweld Inc failed to recognize changes in the fair value of the April 2007 swap in its earnings during August 14, 2007 through May 4, 2011, inflating its reported net income by material amounts; (c) Fushi Copperweld Inc misstated its net income for 2007, 2008, 2009 and for the quarters ended March 31, 2010, June 30, 2010, and September 30, 2010; (d)Fushi Copperweld Inc had material deficiencies in its internal controls over its financial reporting; (e) Fushi’s financial statements were not fairly presented in conformity with GAAP; and (f) Fushi Copperweld Inc’s business was not as healthy as represented by defendants.

Fushi Copperweld Inc is a producer of bimetallic wire products, principally copper-clad aluminum and copper-clad steel products.