CINCINNATI, March 18, 2010 (GLOBE NEWSWIRE) -- Attorney Advertising. The class action law firm of Statman, Harris & Eyrich, LLC announced today that it is investigating Fuqi International, Inc. (Nasdaq:FUQI) for potential violations of state and federal securities laws. The affected stock was purchased between May 15, 2009 and March 16, 2010.
The firm's investigation was triggered on March 16, 2010 when FUQI revealed accounting irregularities that resulted in the Company overstating its reported earnings for the first nine months of 2009. FUQI also announced that its revenue and profit were below the Company's expectations in the fourth quarter. The Company reported that it would have to delay the filing of its annual report. In response to the news, FUQI shares plummeted from $19.00 to approximately $11.90, a 38% decline.
Previously, in August 2009, the Company closed a share offering which netted the Company approximately $112 million in proceeds by the sale of over 5 million shares of the Company's stock.
Shareholders who purchased FUQI stock between May 15, 2009 and March 16, 2010 may have a claim against the company and are encouraged to contact attorneys Melinda Nenning or Elizabeth Hutton at 513-658-8867 or 513-621-2666 or at mnenning@statmanharris.com or ehutton@statmanharris.com for more information free of charge.
Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois; Cincinnati, Ohio; and Dayton, Ohio. www.statmanharris.com