Rigrodsky & Long, P.A. Announces Investigation
of Fuqi International, Inc.
March 17, 2010 06:36 PM Eastern Daylight Time
WILMINGTON, Del.--(EON: Enhanced Online News)--Rigrodsky & Long, P.A. announces that it is investigating
potential claims against Fuqi International, Inc. (“Fuqi” or the “Company”) (Nasdaq: FUQI) concerning possible
violation of the federal securities laws related to the Company’s public statements regarding its financial performance
between May 15, 2009 and March 16, 2010.
On March 16, 2010, Fuqi revealed that it found accounting errors that caused it to overstate profit for the first nine
months of 2009. The Company also said that its revenue and profit came in below the Company’s expectations in
the fourth quarter as customers bought cheaper products. Fuqi said that an internal investigation found that its cost of
sales for the first, second and third quarters of 2009 were understated, and as a result the Company’s gross profit
and net income for those periods were overstated. As a result, Fuqi announced it delay filing its annual report
because of the mistakes. In reaction, Fuqi shares slid $5.56, or 29.3 percent, to $13.73 in extended trading
following the announcement.
If you purchased the common stock of Fuqi between May 15, 2009 and March 16, 2010, if you have information
or would like to learn more about these claims, or if you wish to discuss these matters or have any questions
concerning this announcement or your rights or interests with respect to these matters, please contact Timothy J.
MacFall, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 North
Market Street, Suite 980 Wilmington, Delaware, 19801, by telephone at (888) 969-4242, or by e-mail to
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates
securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation,
including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and
federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Noah R. Wortman, Case Development Director