Fuqi International

Fuqi International (formerly traded as NASDAQ: FUQI) is a designer of precious metal (gold and platinum) jewelry for the luxury goods market in China. It also manufactures jewelry items that contain diamonds and other precious stones on a custom-order basis. Fuqi is a Delaware corporation with its principal executive office located in Shenzen, China. Fuqi operates through its wholly owned subsidiary, Fuqi International Holdings Co., Ltd., a British Virgin Islands corporation and its wholly owned subsidiary, Shenzhen Fuqi Jewelry Co., Ltd., a company established under the laws of China.[1]

Fuqi International, Inc.
TypePublic
Founded2001 
Headquarters
Shenzhen
,
China
Websitefuqi.irpage.net

History

Fuqi was founded in 2001 and had its IPO in 2007.[2] As of December 31, 2008 (the date of its last 10-K SEC filing), Fuqi had 69 jewelry retail counters and stores in China and approximately 950 employees. 97% of its revenue came from wholesale jewelry sales.

On March 29, 2011, Fuqi was de-listed from NASDAQ and has been trading on OTC Pink since.[3]

Class action lawsuit

On March 17, 2010, FUQI's shares declined more than 35% overnight,[4] following an announcement of the company's accounting errors and internal control deficiencies, to close at $11.90 per share, on trading volume 20 times the usual.

Several class action lawsuits were filed in April,[5][6] with a consolidated class action complaint filed on Feb 15, 2011, by ABRAHAM, FRUCHTER & TWERSICY, LLP.[7]

Awards
  • "5 Stocks Approaching Greatness" - Motley Fool, March 9, 2010[8]
  • “Chinese Famous Brand”, by China Light Product Quality Assurance Center; “Famous Brand in the China Jewelry Industry”, by Gems & Jewelry Trade Association of China; one of the “Shenzhen 300 enterprises with Ultimate Growth”, by Shenzhen City Enterprises Evaluation Association; “China Top Brand” by General Administration of Quality Supervision, Inspection and Quarantine of the People's Republic of China, October 2007[1]

References
  1. "FORM 10-K". U.S. Securities and Exchange Commission. 2009-03-31.
  2. "Company Profile". Archived from the original on 2012-11-18.
  3. "Fuqi International, Inc. Announces NASDAQ Determination To Delist Common Stock; Company Eligible To Trade On Pink Sheets". Reuters. Archived from the original on 18 November 2012.
  4. "Historical prices 2010 March".
  5. "Shareholder Class Action Filed Against Fuqi International, Inc. by the Law Firm of Barroway Topaz Kessler Meltzer & Check, LLP". Barroway Topaz Kessler Meltzer & Check, LLP. April 8, 2010.
  6. "Fuqi International, Inc. Named By Weiss & Lurie In Class Action". Business Wire. April 8, 2010. Archived from the original on 18 November 2012.
  7. "MELA Sciences, Inc". Securities class action clearinghouse. Stanford Law School. Archived from the original on 17 November 2011. Retrieved 18 November 2012.
  8. Duprey, Rich (March 9, 2010). "5 Stocks Approaching Greatness". The Motley Fool.
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