Replies to post #2345 on China Organic Agriculture, Inc. fka CNOA

[IcePickr]

I called and left a message for one of the attorneys representing the class. He promptly returned my call & explained the process in great detail.

No worries.... We will receive the settlement. It is a very slow process and will take several months to complete. I don't expect to receive the settlement for at least 6 to 12 more months.

[0101001]

NOTE 9 – COMMITMENTS AND CONTENGENCIES

On June 14, 2010, the Company reached a settlement and entered into a Stipulation and Agreement of Settlement for the class action lawsuit filed on December 18, 2008. Under the terms of the settlement, eligible class members would receive a total of $300,000 in cash together with shares of the Company’s common stock having a value of $300,000 in exchange for a release of claims which class members have or may have against the Company, its directors, officers, affiliates, shareholders and agents, except claims arising out of or related to the settlement. This expense was recorded in Selling, general, and administrative expenses in 2009 and the accrual for this settlement is contained in accounts payable and accrued expenses.


the money has been set aside and will be paid