SEATTLE, April 13, 2010 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP is investigating Fuqi International Inc. (Nasdaq:FUQI) for potentially misrepresenting financial information to shareholders, which may have artificially driven up stock values to the detriment of investors.
Published reports claim the company may have violated federal securities laws by issuing materially false and misleading statements concerning the company's financial results and business prospects.
Fuqi International, which designs and sells precious metal jewelry in the People's Republic of China, allegedly misstated its financial position and failed to comply with U.S. general accounting guidelines. As a result, Fuqi was forced to restate financial results for the first three quarters of 2009.
On March 16, 2010, the company issued a press release announcing that its internal accounting controls were in disorder, which caused the price of Fuqi's common stock to drop from $19 on the previous day to $11.90 on March 17, 2010, a drop of more than 37%.
If you have information related to Fuqi's restated 2009 financial results, you are encouraged to contact attorneys at Hagens Berman at FUQI@hbsslaw.com or by calling at 510-725-3000.
Investors who purchased shares of Fuqi common stock between May 15, 2009 and March 16, 2010 and wish to move for lead plaintiff in the securities fraud class action filed against Fuqi, must do so on or before May 18, 2010. To discuss moving for lead plaintiff, please contact Peter Borkon at 510-725-3030 or email him at FUQI@hbsslaw.com.
About Hagens Berman
Hagens Berman Sobol Shapiro LLP is a consumer-rights class-action law firm with offices in San Francisco, Seattle, Chicago, Boston, Los Angeles, and Phoenix. Since 1993, HBSS continues to successfully fight for consumer rights in large, complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com.