Murray, Frank & Sailer LLP Files Securities Class Action Against Fuqi International, Inc.
NEW YORK (BUSINESSWIRE), May 12, 2010 - MURRAY, FRANK & SAILER LLP Reminds Investors of Investigation of Claims Against Fuqi International, Inc. - FUQI
MURRAY, FRANK & SAILER LLP reminds investors who purchased Fuqi International, Inc. (NASDAQ: FUQI) common stock at a price of $21.50 per share on or about July 22, 2009 through early August 2009, to contact Bridget Hamill or Eva Hromadkova at (800) 497-8076, (212) 682-1818, or via email at newcase@murrayfrank.com.
A class action lawsuit has been filed against FUQI on behalf of purchasers of common stock purchased at a price of $21.50 per share pursuant to FUQI's secondary public offering on or about July 22, 2009 through early August 2009.
The claims allege materially false and misleading statements were made in the registration statement and prospectus for the secondary public offering in violation of the Securities Act of 1933. Specifically, the documents failed to disclose (1) that the Company's wholesale business was slowing; (2) that the Company's cost of sales was understated during the secondary offering; (3) that, as a result, the Company's financial results were overstated during the secondary offering; (4) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); and (5) that the Company lacked adequate internal and financial controls.
If you purchased FUQI common stock at a price of $21.50 per share on or about July 22, 2009 through early August 2009, please contact Bridget Hamill or Eva Hromadkova at (800) 497-8076, (212) 682-1818, or via email at newcase@murrayfrank.com.
Contact:
MURRAY, FRANK & SAILER LLP
Bridget Hamill
Eva Hromadkova
212-682-1818
800-497-8076
