Robbins Umeda LLP Announces an Investigation of Fuqi International for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of Fuqi International (OTC: FUQI.PK). The firm has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Fuqi. Fuqi, through its subsidiaries, designs, develops, promotes, and sells precious metal jewelry in the People’s Republic of China. The company was founded in 2001, is headquartered in Shenzhen, China, and incorporated in Delaware.
The investigation focuses on whether the directors and officers of Fuqi harmed the company by engaging in self-dealing and issuing false and misleading statements about the company’s financial results.
On March 16, 2010, Fuqi announced that it was unable to timely file its annual report for 2009 with the U.S. Securities and Exchange Commission due to accounting errors caused by a material weakness in its internal controls. Additionally, Fuqi announced it was conducting an internal assessment of its internal controls as of December 31, 2009. As a result, Fuqi stated that investors should no longer rely on the company’s previously issued financial statements for the periods ending March 31, 2009, June 30, 2009, and September 30, 2009. Despite announcements that it has been working toward completing its Form 10-K for the year ended December 31, 2009, and amendments to its Quarterly Reports for each period previously called into question, Fuqi has yet to file its financial statements. On March 29, 2011, Fuqi announced that it had been delisted from NASDAQ and would trade instead on Pink OTC Markets, Inc.
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