US: China Green Agriculture announces dismissal of shareholder derivative actions
On March 30, 2012, the judge of the First Judicial District Court of the State of Nevada in and for Carson City issued an Order of Final Approval of the Settlement in the three consolidated shareholder derivative actions pending before the State Court and dismissed those actions. The dismissal and judgment was entered on April 5, 2012. As a result of this settlement, all the derivative claims are released. The plaintiffs' legal fees and expenses of $650,000 have been paid by the defendants' insurers.
In connection with the settlement of the derivative claims, on April 5, 2012, the Judge in the United States District Court of Nevada dismissed the federal derivative action.The dismissal of the four derivative actions does not involve the class action lawsuit filed in the Nevada Federal Court on October 15, 2010.
"We are pleased with the resolution of the derivative actions and the approval of the settlement. The settlement achieved is a recognition of the continued strengthening of our corporate governance," said Mr. Tao Li, Chairman and Chief Executive Officer of the Company. "The conclusion of the derivative actions is a significant step forward in our efforts to focus on moving the Company forward and maximizing shareholders' value."
Source: www.marketwatch.com
