FUQI is a fraud, will be kicked out of the pink, as from the Nasdaq.
FUQI is seeking to be kicked out from the US market since 2009 by not providing any financials since 2008, but in a subtile way so that the US authorities will be the ones bearing the burden of FUQI dismissal. Each time FUQI was warned by authorities, they pretended wanting more time to comply.
For example in 2010, when they received the notice from the Nasdaq they requested a bogus extension of more than 4 months:
"The Company appeared before the NASDAQ Hearings Panel (the “Panel”) on November 11, 2010, subsequent to which the Panel determined to continue the listing of the Company's common stock on The NASDAQ Stock Market subject to an extension through March 28, 2011"
Of course FUQI never presented any financials on time and got delisted.
Afterward they got rid of all independent directors and lawyers. Even Marcum is not around anymore.
The recent extension until Feb 1st is another bogus attempt by FUQI the Fraud to pretend until the very last moment that they tried. On February, FUQI will disappear for good from the US market and shareholders will lose all the money that FUQI received from the IPO and the secondary offering, for a total of $175M, without any legal recourse.
A subtile fraud, perferct for the idiot investors still waiting!
I hope you are successful in scaring the weak hands out of their shares....do you think there could be any weak hands left?
It does seem odd, don't you think, that "FQUI the Fraud" is still supported by Marcum and DLA Piper. Might it be possible they merely want to settle the lawsuits prior to releasing financials? After all, if the financials are good, it could hurt their leverage in getting the lowest possible settlements.
One can only wonder what the stock price will jump to, if revenues really are $1 Billion/year. Boggles the mind......
I too would like to purchase more cheap shares in this stock. Good luck!