Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired the common stock of Fuqi International, Inc. (“Fuqi” or the “Company”) (Nasdaq: FUQI) between May 15, 2009 and March 16, 2010, inclusive (the “Class Period”), including purchasers of Fuqi common stock in, or traceable to, the Company's July 22, 2009 stock offering (the “Secondary Offering”), seeking to pursue remedies under the Securities Act of 1933 and the Securities Exchange Act of 1934 (the “Complaint”). The case is Thompson v. Fuqi International, Inc., C.A. No. 1:10-CV-2640 (S.D.N.Y.).

Are you affected?

• Did you purchase shares of Fuqi International, Inc. between May 15, 2009 through March 16, 2010, inclusive (the "Class Peroid)?
• Did you suffer a loss because of your investment in Fuqi International, Inc. during the Class Period?
• Do you want to discuss your rights?

Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired the common stock of Fuqi International, Inc. (“Fuqi” or the “Company”) (Nasdaq: FUQI) between May 15, 2009 and March 16, 2010, inclusive (the “Class Period”), including purchasers of Fuqi common stock in, or traceable to, the Company's July 22, 2009 stock offering (the “Secondary Offering”), seeking to pursue remedies under the Securities Act of 1933 and the Securities Exchange Act of 1934 (the “Complaint”). The case is Thompson v. Fuqi International, Inc., C.A. No. 1:10-CV-2640 (S.D.N.Y.).

The Complaint names Fuqi, certain of the Company's executive officers and directors, and the underwriters of the Secondary Offering as defendants. The Complaint alleges that during the Class Period, defendants made false and/or misleading statements and/or failed to disclose the truth concerning the Company's financial results in that: (1) the Company's publicly reported cost of sales was materially understated during the Class Period; (3) the Company's publicly reported gross profit and net income were materially overstated during the Class Period; (4) contrary to defendants' Class Period representations, the Company lacked adequate internal and financial controls; and (5) that, as a result of the above, the Company's publicly reported financial statements were materially false and misleading at all relevant times.

In addition, the Prospectus issued by the Company in connection with the Secondary Offering contained, and incorporated by reference therein, the materially false and misleading statements relating to the Company's cost of sales, gross profit and net income for the quarter ending March 31, 2009.

On March 16, 2010, Fuqi revealed that it found accounting errors relating to the Company's inventory and cost of sales during the Class Period that caused it to overstate gross profit and net income for the first nine months of 2009. As a result, Fuqi announced it had delayed the filing its annual report on Form 10-K pending the Company's completion of analysis and evaluation of the potential errors on the previously issued quarterly financial statements for 2009. On this news, Fuqi shares plummeted more than 35%, to close at $11.90 per share on March 17, 2010, on extremely heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than May 18, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, or by e-mail to info@rigrodskylong.com. If you are a member of this class, you can view a copy of the complaint as filed online at http://www.rigrodskylong.com. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Rigrodsky & Long, P.A. Our firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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