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...
To view the full article, register now.

Related

Sections

Case Information

Case Title

Albert Snellink v. Gulf Resources, Inc. et al


Case Number

2:11-cv-03722

Court

California Central

Nature of Suit

Other Statutory Actions

Judge

Otis D. Wright, II

Date Filed

April 29, 2011

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.