Fuqi International, Inc. Long Term Shareholder Investigation

If you are a long term investor of Fuqi International, Inc. (NASDAQ:FUQI) common stock and currently still hold you FUQI shares, you have certain options and you should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this investigation, 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
Affected Securities: 
NASDAQ: FUQI

An investor in Fuqi International, Inc. filed a lawsuit on behalf of purchasers of the common stock of Fuqi International, Inc. (NASDAQ:FUQI) between May 15, 2009 and March 17, 2010, alleging violations of Federal Securities Laws by Fuqi Intl. Meanwhile an investigation on behalf of current long term shareholders of Fuqi International, Inc. (NASDAQ:FUQI) was announced.

According to the complaint filed in the United States District Court for the Southern District of New York 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 Intl, 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.