Fuqi International Inc. (FUQI) Moves Into Bearish Zone On Charts
By Mark Moneymaster
March 17, 2010 1:57 PM
March 17, 2010 1:57 PM
Symbols: FUQI
Kendall Law Group today announced that it is investigating Fuqi International, Inc. (NASDAQ: FUQI) for potential violations of state and federal securities laws. The investigation was triggered by recent reports from Fuqi International Inc. (FUQI) concerning accounting errors that caused an understatement of cost of sales and an overstatement of earnings for the first three quarters of 2009.
The reports led to a wide gap-down opening in Fuqi International Inc. (FUQI) with high volumes. Fuqi International Inc, (FUQI) has already breached well below its 20 day MA and 200 day MA after losing 36.05% by early afternoon trading on Wednesday following the investigation reports.
(c) 2011 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.
We're Loving
