Fuqi International, Inc. - Securities Class Action

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Stanford Law School

Fuqi International, Inc. Summary: According to the complaint filed March 19, 2010, the complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges that defendants failed to disclose: (i) that the Company’s financial results were artificially inflated due to the defendant’s material misstatement of its inventory and cost of sales; (ii) that the Company’s internal and disclosure controls with respect to its inventory and cost of sales were materially deficient; (iii) that, as a result of the foregoing, the defendant’s financial statements were not fairly presented in conformity with U.S. Generally Accepted Accounting Principles and were materially false and misleading; and (iv) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and growth.

On March 16, 2010, the defendant issued a press release announcing its preliminary financial results for the fourth quarter ended December 31, 2009, and a delay in the filing of its Annual Report on Form 10-K. In response to these statements, on the next trading day, shares of the Company’s stock fell more than 37%, to close at $11.90 per share, on approximately 20 times its normal trading volume.

On July 26, 2010, the Court issued an order appointing lead plaintiff and lead counsel in this action.

On February 15, 2011, a Consolidated Class Action Complaint was filed by the lead plaintiff against the defendants.

INDUSTRY CLASSIFICATION:
SIC Code: 3911
Sector: Consumer Cyclical
Industry: Jewelry & Silverware

COMPANY/ISSUER NAME:	Fuqi International, Inc.
COMPANY/ISSUER TICKER:	FUQI
COMPANY WEBSITE:	http://www.fuqi.com.cn

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Pradeep Mahapatra, et al. v. Fuqi International, Inc., et al.

COURT: S.D. New York	DOCKET NUMBER: 10-CV-02515
JUDGE NAME: Hon. Deborah A. Batts
DATE FILED: 03/19/2010	SOURCE:
CLASS PERIOD START: 05/15/2009	CLASS PERIOD END: 03/17/2010
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Pyle, Rome, Lichten & Ehrenberg, P.C. 18 Tremont Street, Suite 500, Boston, MA, 02108 (voice) 617-367-7200, (fax) 617-367-4820 , _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 1

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Order
Type: Order of Consolidation		Date on the document: 07/26/0210
Class Action Complaint For Violations Of The Federal Securities Laws
Type: Complaint		Date on the document: 03/19/2010
U.S. District Court Civil Docket
Type: Docket		Date on the document: 09/17/2010

REFERENCE COMPLAINT

In re Fuqi International, Inc Securities Litigation

COURT: S.D. New York	DOCKET NUMBER: 10-CV-02515
JUDGE NAME:
DATE FILED: 02/15/2011	SOURCE:
CLASS PERIOD START: 05/15/2009	CLASS PERIOD END: 03/16/2010
TYPE OF COMPLAINT: First Consolidated
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza) One Pennsylvania Plaza, Suite 1910, New York, NY, 10119 (voice) 212.279.5050, (fax) 212.279.3655, JFruchter@FruchterTwersky.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 1

DOCUMENTS FOR THE REFERENCE COMPLAINT
Consolidated Class Action Complaint
Type: Complaint		Date on the document: 02/15/2011
U.S. District Court Civil Docket
Type: Docket		Date on the document: 02/15/2011
U.S. District Court Civil Docket
Type: Other		Date on the document: 08/04/2011
U.S. District Court Civil Docket
Type: Other		Date on the document: 08/31/2011

OTHER DOCUMENTS
Class Action Complaint
Case Name and/or Number: Robert M. Hodge, et al. v. Fuqi International, Inc., et al.
Type: Complaint		Date on the document: 03/19/2010
Class Action Complaint For Violations Of Federal Securities Laws
Case Name and/or Number: Carlton Cowie, et al. v. Fuqi International, Inc., et al.
Type: Complaint		Date on the document: 03/22/2010

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