Fuqi International, Inc. Investor Files Lawsuit Over Alleged Securities Law Violations

If you purchased common stock of Fuqi International, Inc. (NASDAQ:FUQI) between May 15, 2009 and March 17, 2010, you have certain options and there are strict and short deadlines running. Deadline: May 17, 2010. Those FUQI investors and current long term FUQI shareholders, who purchased their FUQI shares before May 2009, should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Fuqi International
Case Name: 
Fuqi International Shareholder Class Action 03/19/2010
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: FUQI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/19/2010
Class Period Begin: 
05/15/2009
Class Period End: 
03/17/2010
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
05/17/2010
Summary: 

An investor in Fuqi International, Inc. filed a lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Fuqi International, Inc. (Public, NASDAQ:FUQI) between May 15, 2009 and March 17, 2010, alleging violations of Federal Securities Laws by Fuqi Intl.

According to the complaint the plaintiff alleges that Fuqi International, Inc and certain of its officers and executives violated the Securities Exchange Act of 1934 by failing to disclose between May 15, 2009 and March 17, 2010, material adverse facts about Fuqi International’s true financial condition, business and prospects. Then on March 16, 2010, after the market closed, Fuqi International issued a press release announcing its preliminary financial results for the fourth quarter ended December 31, 2009, and a delay in the filing of its Annual Report on Form 10-K. Fuqi International explained that due to its accounting errors, “the cost of sales for each of the periods were understated and gross profit and net income, as a result, were accordingly overstated.” In response to these statements, on the next trading day, shares of the Fuqi International's stock (FUQI) fell more than 37%, to close on March 17, 2010 at $11.90 per share.

Shares of Fuqi International, Inc. (Public, NASDAQ:FUQI) traded recently at $10.30 per share, down from its 52weekHigh of $32.68 per share. Fuqi International, Inc., located in China, is a designer of precious metal jewelry in China, developing, promoting, and selling a range of products in the Chinese luxury goods market. The Company’s products consist of a range of styles and designs made from gold and other precious metals, such as platinum and Karat gold (K-gold). Fuqi International, Inc. reported in 2007 Total Revenue of $145.56million with a Net Income of $13.52million and in 2008 Total Revenue of $367.61million with a Net Income of $27.88million.