Gulf Resources Seeks OK On $2M Investor Class Deal

Law360, Los Angeles (August 5, 2013, 7:03 PM EDT) -- Gulf Resources Inc. urged a California federal judge on Monday to give preliminary approval to a $2.1 million settlement of a putative securities class action alleging the China-based chemical producer overstated its revenue, arguing the deal is a fair one for shareholders.

At a hearing, Stephen D. Hibbard, a lawyer representing Gulf Resources, said that “for the benefit of the class, [plaintiffs' counsel] made a very sage decision” to settle the case, given that the insurance policy covering the company's legal defense would have been depleted...
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