Despite 20% Rally, FUQI International Still Heading for Delisting

Ian Bezek submits:

Sometimes truth really is stranger than fiction. Welcome to the bizarre world of FUQI International (FUQI). FUQI shares soared 20% despite a complete absence of news last Friday. While the share price jump was unusual, the lack of news is more of the same. It's now been more than 11 months since FUQI last released any financial results, and investors are still awaiting the filing of the 2009 10-K.

In March of 2010, FUQI shares traded over $20/share until the company announced that prior earnings had been overstated:

SHENZHEN, China, Mar. 16, 2010 (PRNewswire-Asia) -- FUQI International, Inc. (Nasdaq GS: FUQI) today announced the preliminary release of fourth quarter 2009 unaudited financial results and that it will delay the release of its finalized fourth quarter and year ended 2009 financial results. The Company will also file an extension for the filing of its Form 10-K for 2009 [...]

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