XI'AN, China, Aug. 15, 2014 /PRNewswire/ -- China Green Agriculture, Inc.
[CGA][CGA] which produces and distributes humic acid-based compound fertilizers and other varieties of compound fertilizers and agricultural products, today announced that, on August 12, 2014, the United States District Court for the State of Nevada had given its final approval to the settlement of the securities class action pending against the Company and certain of its current and former officers and directors since October 15, 2010. As a result, all of the securities law claims that had been filed against the Company have now been resolved and dismissed. The Company's insurers funded the full amount of the settlement ($2.5 million).
"After the settlement of the derivative actions against the Company on April 5, 2012, the class action was the only lawsuit still pending. We are pleased that it, too, now comes to an end," said Tao Li, Chairman and Chief Executive Officer of the Company, "The settlement is a significant step forward for us and helps us advance our goals of focusing on building our business and to maximizing shareholder value."
http://www.investorcalendar.com/incl...asp?ID=2616927
This was the long awaited Completion of the settlement. Insurance Company paid the money.
I beleave there will be a lot of good news ahead. Now with a clean white west and no pending lawsuites , CGA can
start to regain trust and a normal valuation.
Shareprice jumped 14%. Shortsellers tried again to manipulate she shareprice. On August 14th. we saw 38% short selling (188000 shares).
There should be more than 2.2 million shares short, or 15 days average trading volume to recover.
I expect a share price above 5$ in the mid of September.