Bottini & Bottini, Inc. and The Rosen Law Firm, P.A. Announce Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of Gulf Resources, Inc. -- GURE
8:00a ET August 15, 2013 (GlobeNewswire)
Hearing November 15, I believe, $2m possible hit to make it go away?
This judge is a nightmare, instead of issuing a final order approving the settlement, he now wants to see how many people will claim to ensure that a large number of people are claiming as proof that they are satisfied I guess but that mean we will have to wait until November 4th to get a final judgment, crazy, other judges in similar class action lawsuits have not been so demanding. Anyway I do not see how he can reject the settlement if enough people claim and spend a fair amount of time filing their claim. I will for sure and I expect all shareholders to do so as not doing so could give the judge the flexibility to reject the settlement which would be ridiculous as what would happen next if he did. For Gure the amount of the settlement is covered by their insurance so not a real balance sheet exposure if the settlement is approved. Anyway this is the final step of this litigation at least Gure should not have anymore litigation expenses as they had in previous quarters and in November just before releasing their Q3 results, they should be able to announce the final settlement of the lawsuit has been approved by the judge.
I called Strategic Claims this morning to ask why the Gulf Resources litigation was not listed on their site. They told me it would be up later today. I am guessing we can file our claims on their site once it is up?
According to the 8-5-2013 filing of document 105, the judge gave preliminary approval, but it is normal to have a final approval hearing after the claims (and objections) have been identified, prior to the settlement fund disbursement. Final hearing = November 4th.