Murray, Frank & Sailer LLP Investigates Claims Against Fuqi International, Inc., Concerning Common Stock Purchased On Fuqi's Secondary Public Offering On Or About July 22, 2009 Through Early August 2009
NEW YORK (BUSINESSWIRE), May 3, 2010 - Murray, Frank & Sailer LLP investigates Fuqi International, Inc. ("Fuqi" or the "Company") (NASDAQ:FUQI), regarding the claims of purchasers and acquirers of Fuqi common stock pursuant to the secondary public offering on or about July 22, 2009 through early August 2009. In this offering, Fuqi sold over 5 million shares at a price per share of $21.50 per share.
The investigation concerns violations of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 through the issuance of a materially false and misleading registration statement, prospectus, and other documents. These 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 Class Period; (3) that, as a result, the Company's financial results were overstated during the Class Period; (4) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (5) that the Company lacked adequate internal and financial controls; and (6) that, as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
If you purchased Fuqi common stock pursuant to the secondary public offering 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 [email protected].
Murray, Frank & Sailer LLP