FUQI International Found Accounting Errors For First Nine Months Of 2009 (FUQI)
3/17/2010- FUQI International (NASDAQ: FUQI) revealed that it found accounting errors that caused it to overstate profit for the first nine months of 2009 and also said that its revenue and profit came in below the company's expectations in Q4 as customers bought cheaper products.
The company said that an internal investigation found that its cost of sales for the first, second and third quarters of 2009 were understated and as a result, the company's gross profit and net income for those periods were overstated.
Write to Chip Brian at cbrian@tradethetrend.com
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