Traded as OTC Pink: FUQI Headquarters Shenzhen, China Type of business Public | Website fuqi.irpage.net Founded 2001 | |
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 Shenzen, 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.
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History
Fuqi was founded in 2001 and had its IPO in 2007. 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.
Class action lawsuit
On March 17, 2010, FUQI's shares declined more than 35% overnight, 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, with a consolidated class action complaint filed on Feb 15, 2011, by ABRAHAM, FRUCHTER & TWERSICY, LLP.