Levi & Korsinsky is investigating the Board of Directors of Fushi Copperweld for possible breaches of fiduciary duty and other violations of state law in connection with the receipt of a proposal from Fushi’s Chairman and Chief Executive Officer, Mr. Li Fu.
New York, NY, November 05, 2010 — Levi & Korsinsky is investigating the Board of Directors of Fushi Copperweld, Inc. (“Fushi” or the “Company”) (NasdaqGS: FSIN) for possible breaches of fiduciary duty and other violations of state law in connection with the receipt of a proposal from Fushi’s Chairman and Chief Executive Officer, Mr. Li Fu (“Mr. Fu”) and Abax Global Capital (Hong Kong) Limited (“Abax”) to acquire all the outstanding shares of Common Stock of Fushi not currently owned by Mr. Fu and his affiliates. Under the terms of the proposed transaction, Fushi shareholders will receive $11.50 in cash for each share of Fushi common stock for a total transaction value of approximately $433.8 million. Mr. Fu and his affiliates own approximately 29.2% of Fushi’s Common Stock.
Click here to learn how to join the action: http://www.zlk.com/fushi-fsin.html, or call: 877-363-5972.
The investigation concerns whether the Fushi Board of Directors breached their fiduciary duties to Fushi stockholders by failing to adequately shop the Company before entering into this transaction and whether Mr. Fu is underpaying for Fushi shares, thus unlawfully harming Fushi stockholders. In particular, at least one analyst set a price target for Fushi stock at $18.00 per share and Fushi common stock has trades as high as $12.76 as recently as April 9, 2010.
If you own common stock in Fushi and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/fushi-fsin.html.
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. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below.
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
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Contact:
Jared Morine
Levi & Korsinsky, LLP
New York, NY
212-363-7500
[email protected]
