The Audit Committee of the Board of Directors of the Company approved the engagement of Deloitte Touche Tohmatsu CPA Limited as LJ International Inc.’s independent registered public accounting firm for the fiscal year 2011 on August 23, 2011. This engagement follows the resignation of the company’s former independent registered public accounting firm, Gruber & Company, LLC, effective this past Tuesday.
“With the significant growth LJI has experienced in the past few years, we believe the addition of a Big Four accounting firm provides a sound foundation for continued success in the years to come and commitment to upholding the highest levels of disclosure transparency and corporate governance,” said Yu Chuan Yih, LJI CEO. “LJI is excited to welcome Deloitte as our new auditor and appreciates the commitment and accounting expertise provided by Gruber & Company, LLC in the past.”
LJI says it has no history of disagreements with Gruber & Company, LLC, during the two most recent fiscal years and any subsequent interim period preceding the resignation.