Faruqi & Faruqi, LLP and Lihua International, Inc. Announce Proposed Settlement of Shareholder Derivative Action

NEW YORK, July 31, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP and Lihua International, Inc. ("Lihua" or the "Company") (OTC: LIWA), today announced that the United States District Court for the Southern District of New York (the "Court") has granted preliminary approval of the proposed settlement of the shareholder derivative action entitled In re Lihua International, Inc. Shareholder Derivative Action, Case No.: 1:14-cv-03543 (the "Action").

The parties in the Action have agreed to settle the Action on the terms and conditions set forth in a Stipulation of Settlement dated March 22, 2017 (the "Stipulation").  The Court will hold a Settlement Hearing on October 5, 2017, at 10:00 a.m., before the Honorable Ronnie Abrams, United States District Judge of the Southern District of New York, located at the Thurgood Marshall United States Courthouse, 40 Foley Square, New York, New York, 10007 to determine: (1) whether the proposed settlement of the claims in the In re Lihua International, Inc. Shareholder Derivative Action should be approved by the Court as fair, reasonable, and adequate; (2) whether, thereafter, the Action should be dismissed with prejudice as set forth in the Stipulation; (3) whether the agreed-upon Fee and Expense Amount for the payment of attorneys' fees and expenses should be approved; and (4) whether the Service Awards to Plaintiffs should be approved.

If you are a current holder of Lihua common stock as of March 22, 2017, the date of execution of the Stipulation, through the date of the Settlement Hearing, your rights may be affected by the Settlement of the Action. You may obtain and/or review copies of the Stipulation, the full Notice, and all related documents during regular business hours at the offices of the Clerk of the Court for the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, New York 10007-1312, or by contacting Plaintiffs' Counsel at Faruqi & Faruqi LLP, c/o Stuart J. Guber, 101 Greenwood Avenue, Suite 600, Jenkintown, PA 19046, Telephone: (215) 277-5770 Ext. 413, http://www.faruqilaw.com/settlement-notices, or The Brown Law Firm, P.C., c/o Timothy W. Brown, 240 Townsend Square, Oyster Bay, NY 11771, Telephone: (516) 922-5427 or at http://www.thebrownlawfirm.net.

You may appear and object by entering an appearance. Any person who does not object in the manner provided for shall be deemed to have waived any objection such person had or may have had to the Settlement and shall forever be barred, in these proceedings or in any other proceeding, from making any objection to or otherwise challenging the Settlement of the Action, the Stipulation or any provision thereof, the Final Judgment dismissing the Action, the agreed to Fee and Expense Amount, and/or any other proceedings herein, and shall have no right to appeal therefrom.

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SOURCE Faruqi & Faruqi, LLP