Fuqi International, Inc. (FUQI) gained more than 14 percent this morning. After the close yesterday, the seller of precious metal jewelry in the People’s Republic of China filed an 8-K form with the SEC where it disclosed that:
“The principal accountant’s reports of Stonefield on the financial statements of it as of and for the years ended December 31, 2008 and December 31, 2007 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During the years ended December 31, 2008 and December 31, 2007 and through October 1, 2010, there were no disagreements with Stonefield on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which if not resolved to Stonefield’s satisfaction, would have caused it to make reference thereto in connection with its reports on the financial statements for such years.”
The comapny also announced that due to a merger of its independent registered public accounting firm, Stonefield, with Marcum, it will now use the combined-co, MarcumStonefield, as its independent registered public accounting firm effective as of October 1, 2010.
Last month shares of Fuqi Intl. took a beating after the co. disclosed a formal SEC probe related to the company’s failure to submit and file timely reports of its periodic results.
At last check, Fuqi shares were up $0.91 to $7.26, a gain of 14.33%.[emphasis added]