The Rosen Law Firm, P.A. today announced that it has filed a class action lawsuit on behalf of investors who purchased common stock of Gulf Resources, Inc. (NASDAQ: GFRE) from March 16, 2009 to April 26, 2011, seeking investor remedies under the federal securities laws. To join the GFRE class action, visit the firm’s website at http://www.rosenlegal.com, or call Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email firstname.lastname@example.org for information on the class action. The case is pending before the U.S. District Court for the Central District of California. NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER. According to the Complaint, (1) the company engaged in undisclosed related party transactions; and (2) Chinese regulatory filings showed that the Company was materially smaller than it claimed to be. The report pointed to certain evidence indicating that Gulf Resources does not hold title to its Chinese operating subsidiaries, shareholders’ sole asset. If you wish to serve as lead plaintiff, you must move the Court no later than June 29, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at email@example.com. You may also visit the firm’s website at http://www.rosenlegal.com. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Shares of Gulf Resources (Nasdaq:GFRE) have taken a tremendous swing upward. The stock is trading at $3.47 as of 3:51 p.m. ET, 20.1% above Monday's closing price of $2.89. Volume is at one million, 0.6 times the daily average of 1.7 million.
Gulf Resources (Nasdaq:GFRE) is trading at unusually high volume Wednesday with 5.2 million shares changing hands. It is currently at four times its average daily volume and trading up 19 cents (+4.5%).
Shares of Gulf Resources (Nasdaq:GFRE) were gapping up Tuesday morning with an open price 22.4% higher than Monday's closing price. The stock closed at $3.03 yesterday and opened today's trading at $3.71.