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Gulf Resources, Inc. Message Board

  • don_brogan don_brogan Apr 9, 2013 2:19 PM Flag

    Gure Active Lawsuit

    Does anyone have any news later than May of 2012 on this lawsuit....or heard anything from GURE management on when they will provide the data to support their case.

    Sentiment: Hold

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Thanks for all your great responses. I've been long for some time and they need to get this behind them.

    • The last time I heard about Gure providing data, they provided a copy of their SAIC filing showing that what the plaintiffs presented was wrong but as the data is not verifiable by an independent 3rd party as the Chinese authorities do not allow it, the judge rejected the data and said they could not be considered. In some way that also means that the plaintiffs data cannot be verified as well. This lawsuit is certainly not going to go anywhere at least for a long time which could provide an incentive for the lawyers to try to settle the case and get paid sooner than later, the only question is for how much and is Gure willing to settle right now? The fact that their stock price is low doesn't seem to affect them and they will not be able to issue some new equity or bonds to potentially finance some acquisitions or big projects until they have a clean 3 year 10 K filing, meaning not before 2014 (2011, 2012 and 2013 as per the SEC rule), so again there are in no rush to settle.

      Sentiment: Buy

      • 1 Reply to alan74z
      • Not an update on the lawsuit, but here is a good article from a credible source which explains why the plantiff's allegations are simply a play right out the short-sellers playbook. In my opinion, the plantiff and lawfirm are aligned with short sellers and anonymous authors of hit piece articles. Read the article and decide for yourself:
        NEW YORK, Sept. 27 /PRNewswire/ -- The following is an article authored by Mr. Benjamin Wey, President of New York Global Group, Visiting Professor of Finance:
        Recently, some investors interested in investing in U.S. listed China based companies have expressed concerns over discrepancies found sometimes in the financial statements between certain Chinese companies' State Administration for Industry and Commerce (SAIC) filings in China and their U.S. SEC filings. Investors often quickly conclude that the underlying China operating entities must be fraudulent in inflating sales and earnings figures, and that their public SEC filings in the U.S. may not be relied upon for accuracy. On the contrary, it is highly unusual and it should cause real concerns to investors if SAIC filings DO match a public company's SEC filings.
        Based on New York Global Group's 12 year office presence in China as well as our deep understanding of the Chinese business practices, culture, and language, the concerns over SAIC and SEC filing mismatches are overblown and unnecessary. The reason is simple: investors lack basic understanding of China's corporate registration processes and are comparing very different items. It is important to understand what these documents are, what they are not, and why it would be incorrect and ignorant to allege companies as frauds based on SAIC documents. This article intends to alleviate these concerns based on facts and our extensive knowledge of China.
        There are over 50 million registered businesses in China. China's State Administration for Industry and Commerce ("SAIC") has no authority in overseeing the...see part 2..

        Sentiment: Strong Buy

 
GURE
2.0899-0.0101(-0.48%)Jul 29 4:00 PMEDT

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