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Fushi Copperweld (FSIN US)

Year: 2012

Chinese copper manufacturer Fushi Copperweld was the product of a reverse merger which listed on the NASDAQ in November 2007. The appointment of KPMG to take over from Frazer Frost as auditor in January 2011 appeared to result in the restatement of its historic financials relating to various non-cash items such as deferred tax assets. This prompted various lawsuits alleging that the company had issued false statements and inflated its share price. It was then targetted by Muddy Waters in April 2012 alleging fraud. In June, the company's chairman made a privatisation offer which closed in December. Despite Fushi's financials having fraud-like traits according to our A&G Screen, the fraud allegations were never proven.   

Last updated November 2021

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