Lead Plaintiffs Overcome Defendants’ Bid to Dismiss Securities Case Against Fushi Copperweld, Inc.
On March 7, 2012, Judge Haynes of the U.S. District Court for the Middle District of Tennessee issued a memorandum opinion denying defendants' motion to dismiss in the North Point Firefighters' Pension-Local Option Plan v. Fushi Copperweld, Inc. case. The Court held that "Plaintiffs' amended complaint states plausible securities claims given Plaintiffs' factual allegations of the Defendants' admitted improper use of a SWAP to inflate the value of Fushi stock, the Defendants' admitted improper accounting treatment of bargain acquisitions, the Defendants' failure to disclose the Defendant Fushi's ownership interests in those acquisitions and insiders' false statements about the Defendants' financial practices."
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