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Fuwei Films (Holdings) Company, Ltd. Summary: On December 18, 2007, several motions to appoint lead plaintiffs, on the approval of lead counsel and to consolidate cases were filed separately by different individuals. However, on January 10, 2008, a notice of withdrawal on the motion to appoint lead plaintiff, lead counsel and to consolidate cases was filed by an individual. The Judge finally entered its Order on January 24, 2008 granting certain individuals’ motions to consolidate cases and to appoint lead plaintiffs and lead counsels. On the other hand, all other motions were denied. The court proceeds with a scheduling Order entered on February 19, 2008 by setting deadlines for defendants’ move to dismiss, to amend complaint and giving responses and replies. On March 14, 2008, a Consolidated Amended Complaint was filed by different groups. Hence, on April 23, 2008, an Order on the deadlines of filing the defendants’ motion to dismiss was entered. As a result, a motion to dismiss consolidated amended complaint was filed by different groups on May 14, 2008. At the same time, a motion to dismiss Plaintiffs’ Consolidated Amended Class Action Complaint was filed.
According to a press release dated October 19, 2007, the complaint charges that FFHL and certain of its present and former officers, directors, and control persons violated Sections 11 and 15 of the Securities Act of 1933 by issuing a false and misleading Registration Statement and Prospectus (collectively the "Registration Statement") in connection with the Company's IPO.
According to the Complaint, on December 19, 2006 the Company commenced its IPO priced at $8.28 per share for 3,750,000 shares of Company stock. On December 22, 2006 FFHL announced the closing of its IPO and reported gross proceeds, including over-allotments, of approximately $35.6 million. The Complaint asserts that FFHL's Registration Statement was false and misleading because the Company: (i) failed to reveal that its main operating assets were obtained through transactions that may not have been valid under Chinese law; (ii) failed to provide complete disclosures as to the circumstances of the Company's acquisition of its main operating assets; and (iii) inaccurately stated that the likelihood of any action or recourse in connection with the Company's acquisition of its main operating assets was remote.
The Complaint further alleges that on June 25, 2007 the Company announced that three of the Company's major shareholders, one of whom is a Company director, were under investigation. On October 16, 2007 the Company announced that authorities in China had issued arrest notices for the same three individuals on suspicion of violations of Chinese laws and regulations. The Complaint asserts that these charges related to the Company's acquisition of its main operating assets. As a result of these adverse disclosures, FFHL's stock price dropped, damaging investors.
INDUSTRY CLASSIFICATION:
SIC Code: 3081
Sector: Basic Materials
Industry: Containers & Packaging
| COMPANY/ISSUER NAME: | Fuwei Films (Holdings) Company, Ltd. |
| COMPANY/ISSUER TICKER: | FFHL |
| COMPANY WEBSITE: | http://www.fuweiholdings.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Yinglu Yao, et al. v. Fuwei Films (Holdings) Company, Ltd., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 10/19/2007 | ||
| Memorandum And Order | |||
| Type: Order | Date on the document: 1/24/2008 | ||
| Scheduling Order | |||
| Type: Order | Date on the document: 2/19/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| In Re Fuwei Films Securities Litigation | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Consolidated Amended Class Action Complaint | |||
| Type: Complaint | Date on the document: 3/14/2008 | ||
| Order | |||
| Type: Order | Date on the document: 4/23/2008 | ||
| Notice Of Motion | |||
| Type: Notice | Date on the document: 5/14/2008 | ||
| Notice Of Motion To Dismiss Pursuant To Rule 12(B)(6) Of The Federal Rules Of Civil Procedure | |||
| Type: Notice | Date on the document: 5/14/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 6/11/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Meira Rubin, et al. v. Fuwei Films (Holdings) Company, Ltd., et al. | |||
| Type: Complaint | Date on the document: 11/14/2007 | ||
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