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Gulf Resources Inc (NASDAQ: GFRE) Investor Securities Class Action Lawsuit 04/29/2011

  • If you purchased shares of Gulf Resources Inc (NASDAQ: GFRE), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Gulf Resources, Inc.
Security
NASDAQ: GFRE

Case Name
Gulf Resources Shareholder Class Action Lawsuit 04/29/2011
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
gulf_resources_inc_settlement_notice_8_2013.pdf
Settlement Proof
gulf_resources_inc_settlement_proof_8_2013.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$2,125,000.00
Deadline to Participate in Settlement

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Summary

January 8, 2014 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
August 5, 2013 - The court preliminarily approved the settlement.

May 17, 2013 - Parties filed a stipulation of settlement.

May 15, 2012 - The court denied defendants' motion to dismiss.

November 7, 2011 - Defendants filed a motion to dismiss.

September 12, 2011 - The lead plaintiff filed an amended consolidated complaint.

July 26, 2011 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

June 29, 2011 - Lead plaintiff motions were filed.

April 29, 2011 - An investor in Gulf Resources Inc (NASDAQ: GFRE now trading as of June 30, 2011 as NASDAQ: GURE) filed a lawsuit in the U.S. District Court for the Central District of California against Gulf Resources Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges on behalf of investors who purchased common stock of Gulf Resources Inc from March 16, 2009 to April 26, 2011, that Gulf Resources Inc violated the Securities Exchange Act of 1934.

Gulf Resources Inc reported an increase in its 12months Total Revenue from $54.25million in 2007 to $158.34million in 2010. Its Net Income rose from $12.23million in 2007 to $51.28million in 2010. On the other hand shares of Gulf Resources Inc fell from as high as $14.49 in 2010 to recently $3.13 per share.

According to the complaint, Gulf Resources Inc engaged in undisclosed related party transactions, and Chinese regulatory filings showed that Gulf Resources, Inc was materially smaller than it claimed to be. The complaint states that a report pointed to certain evidence indicating that Gulf Resources Inc does not hold title to its Chinese operating subsidiaries, shareholders’ sole asset.

However, Gulf Resources Inc announced on April 28, 2011 that it provided additional disclosure disputing certain allegations related to the reliability of its filings with the SEC raised against it in the report.

Gulf Resrouces Inc (NASDAQ: GFRE) shares fell from roughly $4 to $2.43 on April 26 but closed on Friday April 29, at $3.13 per share.

Date Settled