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. -- GFRE

August 15, 2013

August 15, 2013 08:00 | Source: The Rosen Law Firm PA

LOS ANGELES, Aug. 15, 2013 (GLOBE NEWSWIRE) -- Bottini & Bottini, Inc. and The Rosen Law Firm, P.A. announce that the United States District Court Central District of California Western Division has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Gulf Resources, Inc. (Nasdaq:GURE):

SUMMARY NOTICE OF CLASS ACTION SETTLEMENT

TO: ALL PERSONS WHO PURCHASED THE COMMON STOCK OF GULF RESOURCES, INC. DURING THE PERIOD FROM MARCH 16, 2009 THROUGH APRIL 26, 2011, INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Central District of California, that a hearing will be held on November 4, 2013, at 1:30 p.m. in Courtroom 11 before the Honorable Otis D. Wright II, United States District Judge of the Central District of California, 312 North Spring Street, Los Angeles, CA 90012 (the "Settlement Hearing") for the purpose of determining: (1) whether the proposed Settlement consisting of the sum of $2,125,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the settlement proceeds is fair, reasonable, and adequate; (3) whether the application for an award of attorneys' fees of up to $637,500, or thirty percent (30%) of the Settlement Amount, reimbursement of litigation expenses of no more than $45,000, and an award to the Lead Plaintiffs not to exceed $6,000, should be approved; and (4) whether the Litigation should be dismissed with prejudice.

If you purchased common stock of Gulf Resources, Inc., during the class period from March 16, 2009 through April 26, 2011, inclusive, your rights may be affected by the Settlement of this action. If you have not received a detailed Notice of Pendency and Settlement of Class Action ("Notice") and a copy of the Proof of Claim and Release, you may obtain copies by writing to Gulf Resources, Inc. Litigation c/o Strategic Claims Services, 600 N. Jackson St., Ste. 3 Media, PA 19063 (866-274-4004 (Tel); 610-565-7985 (Fax); info@strategicclaims.net), or going to the website,www.strategicclaims.net. If you are a member of the Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release no later than October 21, 2013, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Litigation whether or not you make a claim. If you desire to be excluded from the Class, you must submit a request for exclusion received no later than October 4, 2013, in the manner and form explained in the detailed Notice to the Claims Administrator.

Any objection to the Settlement, Plan of Allocation, or the Lead Plaintiff's Counsel's request for an award of attorneys' fees and reimbursement of expenses must be in the manner and form explained in the detailed Notice and received no later than October 14, 2013, to each of the following:

     
Clerk of the Court Francis A. Bottini, Jr., Esq.  Stephen D. Hibbard, Esq.
United States District Court BOTTINI & BOTTINI, INC.  SHEARMAN & STERLING LLP
Central District of California, Western Division 7817 Ivanhoe Avenue, Suite 102 Four Embarcadero Center, Suite 3800
312 North Spring Street La Jolla, CA 92037 San Francisco, CA 94111
Los Angeles, CA 90012 Tel: 858- 914-2001 Tel: 415-616-1100
  Fax: 858-914-2002 Fax: 415-616-1199
     
  Plaintiffs' Lead Counsel Counsel for Gulf Resources, Inc.
     

If you have any questions about the Settlement, you may call or write to Lead Plaintiffs' Counsel:

Laurence M. Rosen, Esq. THE ROSEN LAW FIRM, P.A. 355 South Grand Avenue, Suite 2450 Los Angeles, CA 90071 Tel.: 213-785-2610 Fax: 213-226-4684

Francis A. Bottini, Jr., Esq. BOTTINI & BOTTINI, INC. 7817 Ivanhoe Avenue, Suite 102 La Jolla, CA 92037 Tel: 858- 914-2001 Fax: 858-914-2002

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.

Dated: August 5, 2013

BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE CENTRAL DISTRICT OF CALIFORNIA