Fuqi International
| Company type | Public |
|---|---|
| Founded | 2001  |
| Defunct | 2013 |
| Fate | Defunct |
| Headquarters | , China |
| Website | fuqi.irpage.net |
Fuqi International (formerly traded as Nasdaq: 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.[1]
History
[edit]Fuqi was founded in 2001 and had its IPO in 2007.[2] 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.[3]
Class action lawsuit
[edit]On March 17, 2010, FUQI's shares declined more than 35% overnight,[4] 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,[5][6] with a consolidated class action complaint filed on Feb 15, 2011, by ABRAHAM, FRUCHTER & TWERSICY, LLP.[7]
Awards
[edit]- "5 Stocks Approaching Greatness" - Motley Fool, March 9, 2010[8]
- “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[1][non-primary source needed]
External links
[edit]References
[edit]- ^ a b "FORM 10-K". U.S. Securities and Exchange Commission. 2009-03-31.
- ^ "Company Profile". Archived from the original on 2013-01-18.
- ^ "Fuqi International, Inc. Announces NASDAQ Determination To Delist Common Stock; Company Eligible To Trade On Pink Sheets". Reuters. Archived from the original on 1 February 2013.
- ^ "Historical prices 2010 March".
- ^ "Shareholder Class Action Filed Against Fuqi International, Inc. by the Law Firm of Barroway Topaz Kessler Meltzer & Check, LLP". Barroway Topaz Kessler Meltzer & Check, LLP. April 8, 2010.
- ^ "Fuqi International, Inc. Named By Weiss & Lurie In Class Action". Business Wire. April 8, 2010. Archived from the original on 2 January 2012.
- ^ "MELA Sciences, Inc". Securities class action clearinghouse. Stanford Law School. Archived from the original on 17 November 2011. Retrieved 18 November 2012.
- ^ Duprey, Rich (March 9, 2010). "5 Stocks Approaching Greatness". The Motley Fool.
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