William Blair Drops Coverage on Fuqi International (FUQI)
William Blair & Company is out with a short analyst note this morning, where it states that it is are dropping coverage on shares of Fuqi International (NASDAQ: FUQI).
The WBC analysts stated, “On March 17, 2010, we suspended our investment rating, which had previously been Outperform, due to a delay in filing the 2009 10-K and a material weakness that will likely result in a negative earnings restatement. Subsequently, the company was unable to file in June 2010 as it had anticipated. Given the inability to file in a timely manner and lacking clarity on historical earnings, the company does not meet our investment criteria. As a result, we are dropping coverage of Fuqi International, Inc.”
Fuqi International, Inc. is a designer of precious metal jewelry in China, developing, promoting, and selling a range of products in the Chinese luxury goods market. The company's products consist of a range of styles and designs made from gold and other precious metals, such as platinum and Karat gold (K-gold).
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