Key Developments For FUWEI FILMS (HOLDINGS) CO., LTD.
FUWEI FILMS (HOLDINGS) CO., LTD. (FFHL.O) (Consolidated Issue listed on NASDAQ Global Market)
Fuwei Films (Holdings) Co., Ltd Announces Final Verdict Of Major Shareholders Case
Fuwei Films (Holdings) Co., Ltd announced the Company became aware of the final verdict issued by the Supreme People's Court of Shandong Province, concerning the Company's three major shareholders, Mr. Jun Yin, Mr. Tongju Zhou and Mr. Duo Wang. The Supreme People's Court upheld the initial verdict issued by the Intermediate court in March 2009. The March 2009 initial verdict sentenced Mr. Yin to death, with a stay of execution for two years; the other two defendants, Mr. Zhou and Mr. Wang, each received life imprisonment; all of the personal property of the three individuals will be confiscated. The three individuals appealed the initial verdict to the Supreme People's Court of Shandong Province in March 2009. None of these individuals is involved in Fuwei's day-to-day operations.
Fuwei Films (Holdings) Co., Ltd Updates On Status Of Class Action Lawsuit
Fuwei Films (Holdings) Co., Ltd announced that the Company has received a Memorandum and Order from the United States District Court for the Southern District of New York regarding the shareholder class action suit. On March 14, 2008, a Consolidated Amended Class Action Complaint (the Complaint) was filed against Fuwei, certain of its present and former officers, directors, and shareholders, and the underwriters for Fuwei's December 19, 2006 initial public offering (collectively, the defendants), alleging that the Registration Statement and Prospectus contained materially false and misleading information in violation of federal securities laws. The defendants filed motions to dismiss the Complaint on May 14, 2008. At this preliminary stage of the litigation, the Court is required to assume that the facts alleged by the plaintiffs are true and must draw all reasonable inferences in the plaintiffs' favor. Applying that standard, the Court granted the defendants' motions in part and denied them in part. The Court dismissed plaintiffs' claims to the extent they were based upon Fuwei's alleged failure to disclose the DMT arbitration proceeding. The Court also dismissed certain of plaintiffs' claims to the extent they were brought on behalf of shareholders who did not purchase their shares directly in the IPO.
Fuwei Films (Holdings) Co., Ltd Issues Q1 2009 Guidance
Fuwei Films (Holdings) Co., Ltd announced that for the first quarter of 2009, it expects revenues to be approximately $11 million and net loss to be around $2.6 million. The loss was primarily due to the continuous decline in the sales of its high value-added specialty films caused by a decrease in demand, as well as a decrease in the price of its products due to the weak economy.
Fuwei Films (Holdings) Co., Ltd Announces Dismissal Of HKG Case By American Arbitration Association
Fuwei Films (Holdings) Co., Ltd announced the dismissal of Hampden Kent Group LLC (HKG)'s claims against the Company filed by the American Arbitration Association's International Centre for Dispute Resolution, without prejudice to HKG's right to re-file these claims.
Fuwei Films (Holdings) Co., Ltd Issues Q4 2008 Outlook
Fuwei Films (Holdings) Co., Ltd announced that for fourth quarter 2008, it expects revenue to be up to $15 million and net loss is expected to be up to $1.2 million.
