Abraham, Fruchter & Twersky, LLP Announces
Investigation of Fuqi International, Inc.
March 18, 2010 04:13 PM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--Abraham, Fruchter & Twersky, LLP has commenced an
investigation concerning possible violations of state and federal securities laws by Fuqi International, Inc. (“Fuqi
International” or the “Company”) (NASDAQ: FUQI) related to the Company’s public statements regarding its
financial performance between May 15, 2009 through March 16, 2010.
On March 16, 2010, the Company revealed that it “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 stated 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.” Fuqi International announced that, as a result
of its financial misstatements, the Company 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 with the U.S. Securities and
Exchange Commission. 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 the common stock of Fuqi International between May 15, 2009 through March 16, 2010 and
would like to discuss this action, or if you have any questions concerning this notice or your rights as a potential class
member, you may contact: Mitchell M.Z. Twersky or Arthur J. Chen of Abraham, Fruchter & Twersky, LLP at
212-279-5050, or via e-mail at email@example.com or firstname.lastname@example.org, respectively.
Abraham, Fruchter & Twersky, LLP has extensive experience in securities class action cases, and the firm has been
ranked among the leading class action law firms in terms of recoveries achieved by a survey of