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Case Status:    SETTLED
On or around 05/22/2017 (Date of order of distribution of settlement)

Filing Date: March 19, 2010

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.

On March 21, 2013, the lead plaintiff filed a corrected version of their consolidated complaint.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Jewelry & Silverware
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: FUQI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 10-CV-02515
JUDGE: Hon. Deborah A. Batts
DATE FILED: 03/19/2010
CLASS PERIOD START: 05/15/2009
CLASS PERIOD END: 03/16/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
  2. Pyle, Rome, Lichten & Ehrenberg, P.C.
    18 Tremont Street, Suite 500, Pyle, Rome, Lichten & Ehrenberg, P.C. , MA 02108
    617-367-7200 617-367-4820 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 10-CV-02515
JUDGE: Hon. Deborah A. Batts
DATE FILED: 02/15/2011
CLASS PERIOD START: 05/15/2009
CLASS PERIOD END: 03/16/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky LLP
    One Penn Plaza, Suite 2805, Abraham, Fruchter & Twersky LLP, NY 10119
    (212) 279-5050 (212) 279-3655 ·
  2. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  3. Rigrodsky & Long, P.A. (Garden City)
    585 Stewart Avenue, Suite 304, Rigrodsky & Long, P.A. (Garden City), NY 11530
    (516) 683-3516 ·
No Document Title Filing Date
No Document Title Filing Date