SHOUGUANG, China, Feb. 10, 2014 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today reported that the United States District Court for the Central District of California Western Division entered an Order and Final Judgment approving the settlement and dismissing the class-action lawsuit against Gulf Resources and a number of its current directors and officers.
Under the terms of the settlement, the class-action lawsuit will be dismissed in return for the payment of a total settlement amount of $2.125 million, which did not have any effect on the company's operation due to its purchased D&O insurance.
Mr. Xiaobin Liu, CEO of the Company, commented: "We are pleased to have reached final approval of the settlement by the Court, which we believe is in the best interests of the Company and its shareholders, even there is no admission of any wrongdoing or admission of any liability on the part of the Company or any of its current officers or directors. We look forward to closing this chapter and focusing on achieving our business goals for year 2014."
One thing is for sure if you are included in the class. By the time the Lawyers get their fees and the money is split between the thousands of investors who bought and sold....you might get a check for 10 bucks.