Rigrodsky & Long, P.A. Announces Investigation of Fuqi International, Inc.

WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A. announces that it is investigating potential claims against Fuqi International, Inc. (“Fuqi” or the “Company”) (Nasdaq: FUQI) concerning possible violation of the federal securities laws related to the Company’s public statements regarding its financial performance between May 15, 2009 and March 16, 2010.

On March 16, 2010, Fuqi revealed that it found accounting errors that caused it to overstate profit for the first nine months of 2009. The Company also said that its revenue and profit came in below the Company’s expectations in the fourth quarter as customers bought cheaper products. Fuqi said that an internal investigation found that its cost of sales for the first, second and third quarters of 2009 were understated, and as a result the Company’s gross profit and net income for those periods were overstated. As a result, Fuqi announced it delay filing its annual report because of the mistakes. In reaction, Fuqi shares slid $5.56, or 29.3 percent, to $13.73 in extended trading following the announcement.

If you purchased the common stock of Fuqi between May 15, 2009 and March 16, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801, by telephone at [phone], or by e-mail to [e-mail].

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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