Fuqi International
{{Infobox company
| name = Fuqi International, Inc.
| type = Public
| traded_as =
| defunct = {{End date|2013}}
| fate = Defunct
| location_city = Shenzhen
| location_country = China
| homepage = {{URL|http://fuqi.irpage.net/|fuqi.irpage.net}}
}}
Fuqi International (formerly traded as {{NASDAQ was|FUQI}}) is a designer of precious metal (gold and platinum) jewelry for the luxury goods market in China. It also manufactures jewelry items that contain diamonds and other precious stones on a custom-order basis. Fuqi is a Delaware corporation with its principal executive office located in Shenzhen, China. Fuqi operates through its wholly owned subsidiary, Fuqi International Holdings Co., Ltd., a British Virgin Islands corporation and its wholly owned subsidiary, Shenzhen Fuqi Jewelry Co., Ltd., a company established under the laws of China.{{cite web|title=FORM 10-K|url=https://www.sec.gov/Archives/edgar/data/1382696/000114420409017778/v144435_10k.htm|publisher=U.S. Securities and Exchange Commission|date=2009-03-31}}
History
Fuqi was founded in 2001 and had its IPO in 2007.{{cite web|url=http://fuqi.irpage.net/eng/company.php |title=Company Profile |archiveurl=https://web.archive.org/web/20130118000441/http://fuqi.irpage.net/eng/company.php |archivedate=2013-01-18 |url-status=dead }} As of December 31, 2008 (the date of its last 10-K SEC filing), Fuqi had 69 jewelry retail counters and stores in China and approximately 950 employees. 97% of its revenue came from wholesale jewelry sales.
On March 29, 2011, Fuqi was de-listed from NASDAQ and has been trading on OTC Pink since.{{cite web|title=Fuqi International, Inc. Announces NASDAQ Determination To Delist Common Stock; Company Eligible To Trade On Pink Sheets |url=http://www.reuters.com/finance/stocks/FUQI.PK/key-developments/article/2121446 |publisher=Reuters |archiveurl=https://archive.today/20130201070137/http://www.reuters.com/finance/stocks/FUQI.PK/key-developments/article/2121446 |archivedate=1 February 2013 |url-status=dead }}
=Class action lawsuit=
On March 17, 2010, FUQI's shares declined more than 35% overnight,{{cite web|url=https://finance.yahoo.com/q/hp?s=FUQI&a=02&b=1&c=2010&d=02&e=30&f=2010&g=d|title=Historical prices 2010 March}}
following an announcement of the company's accounting errors and internal control deficiencies, to close at $11.90 per share, on trading volume 20 times the usual.
Several class action lawsuits were filed in April,{{cite web|title=Shareholder Class Action Filed Against Fuqi International, Inc. by the Law Firm of Barroway Topaz Kessler Meltzer & Check, LLP|url=http://www.prnewswire.com/news-releases/shareholder-class-action-filed-against-fuqi-international-inc-by-the-law-firm-of-barroway-topaz-kessler-meltzer--check-llp-90284067.html|publisher=Barroway Topaz Kessler Meltzer & Check, LLP|date=April 8, 2010}}{{cite web|title=Fuqi International, Inc. Named By Weiss & Lurie In Class Action |url=http://www.weisslurie.com/news_events/news/fuqi_international_inc_named_by_weiss_lurie_in_class_action |publisher=Business Wire |archiveurl=https://web.archive.org/web/20120102095614/http://www.weisslurie.com/news_events/news/fuqi_international_inc_named_by_weiss_lurie_in_class_action |archivedate=2 January 2012 |date=April 8, 2010 |url-status=dead }} with a consolidated class action complaint filed on Feb 15, 2011, by ABRAHAM, FRUCHTER & TWERSICY, LLP.{{cite web|title=MELA Sciences, Inc.|url=http://securities.stanford.edu/1044/FUQI00_01/|work=Securities class action clearinghouse|publisher=Stanford Law School|accessdate=18 November 2012|archive-url=https://web.archive.org/web/20111117112742/http://securities.stanford.edu/1044/FUQI00_01/|archive-date=17 November 2011|url-status=dead}}
Awards
- "5 Stocks Approaching Greatness" - Motley Fool, March 9, 2010{{cite web|last=Duprey|first=Rich|title=5 Stocks Approaching Greatness|url=http://www.fool.com/investing/general/2010/03/09/5-stocks-approaching-greatness.aspx|publisher=The Motley Fool|date=March 9, 2010}}
- “Chinese Famous Brand”, by China Light Product Quality Assurance Center; “Famous Brand in the China Jewelry Industry”, by Gems & Jewelry Trade Association of China; one of the “Shenzhen 300 enterprises with Ultimate Growth”, by Shenzhen City Enterprises Evaluation Association; “China Top Brand” by General Administration of Quality Supervision, Inspection and Quarantine of the People's Republic of China, October 2007{{Primary source-inline|date=November 2012}}
External links
- {{Official website}}
- [https://www.sec.gov/cgi-bin/browse-edgar?company=fuqi&action=getcompany SEC filings]
- [https://web.archive.org/web/20111117112742/http://securities.stanford.edu/1044/FUQI00_01/ Class action case]