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Lewy v. Gulf Resources, Inc.

United States District Court, Ninth Circuit

January 8, 2014

ZACHARY LEWY, SAMPSON DARUVALLA, WILLIAM SPEIGELBERG, and IOANNIS ZOUMAS, individually and on behalf of all others similarly situated, Plaintiffs,
v.
GULF RESOURCES, INC., XIAOBIN LIU, MIN LI, and MING YANG, Defendants.

ORDER AND FINAL JUDGMENT

OTIS D. WRIGHT, II, District Judge.

On December 16, 2013, the Court held a hearing to determine whether the terms and conditions of the Stipulation and Agreement of Settlement dated April 30, 2013 (the "Stipulation") are fair, reasonable and adequate for the settlement of all claims asserted by the Settlement Class against Defendants Gulf Resources, Inc. ("Gulf"), Xiaobin Liu, Min Li and Ming Yang (collectively, the "Defendants"), and (2) to approve the proposed Plan of Allocation as a fair and reasonable method to allocate the Net Settlement Fund among Settlement Class Members. Having considered all matters submitted to it at the hearing and otherwise, the Court finds that the Notice approved in the Court's Order Preliminarily Approving Settlement and Providing For Notice ("Preliminary Approval Order") was mailed to all reasonably identifiable Settlement Class Members and published in accordance with that Order.

NOW, THEREFORE, IT IS HEREBY ORDERED, ADJUDGED AND DECREED THAT:

1. All capitalized terms used herein have the same meanings as set forth and defined in the Stipulation.

2. The Court has jurisdiction over the subject matter of the Litigation, Lead Plaintiffs, all Settlement Class Members, and Gulf.

3. The Court finds that the prerequisites for a class action under Rule 23(a) and (b)(3) of the Federal Rules of Civil Procedure have been satisfied in that:

(a) the number of Settlement Class Members is so numerous that joinder of all members thereof is impracticable;
(b) there are questions of law and fact common to the Settlement Class;
(c) the claims of the Lead Plaintiffs are typical of the claims of the Settlement Class they seek to represent;
(d) Lead Plaintiffs fairly and adequately represent the interests of the Settlement Class;
(e) the questions of law and fact common to the members of the Settlement Class predominate over any questions affecting only individual members of the Settlement Class; and
(f) a class action is superior to other available methods for the fair and efficient adjudication of this Litigation. The Settlement Class is being certified for settlement purposes only.

4. Pursuant to Rule 23(a) and (b)(3) of the Federal Rules of Civil Procedure, the Court hereby certifies this action as a class action for settlement purposes only, and certifies as the Settlement Class all persons or entities who purchased the publicly-traded common stock of Gulf from March 16, 2009 through April 26, 2011, and who were damaged thereby. Excluded from the Settlement Class are:

a. Defendants, and the members of their immediate families and Defendants' heirs, successors and assigns, any entity in which any Defendant has or had a ...

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