The Shuman Law Firm today announced that it is investigating potential claims against Fuqi International, Inc. ("Fuqi" or the "Company") (Nasdaq: FUQI) relating to the Company's recent announcement that it had "identified certain accounting errors that are expected to have a material impact on the previously issued quarterly financial statements for the first three quarters of 2009."
The Company 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." The Company also announced that as a result of its financial misstatements, Fuqi will delay the release of its final fourth quarter and year-end 2009 financial results, and will also file an extension for the filing of its Form 10-K for 2009. The day after this disclosure, the Company's shares closed at $11.90 per share, representing a 37 percent drop from the previous day's closing price of $19.00 per share.
If you purchased and/or own shares of Fuqi stock and are interested in discussing your rights or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll-free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.
Contacts:
The Shuman Law Firm
Kip B. Shuman, Esq., 866-974-8626
kip@shumanlawfirm.com
or
Rusty
E. Glenn, Esq., 866-974-8626
rusty@shumanlawfirm.com
Fax:
303-484-4886
www.shumanlawfirm.com
