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Glancy Prongay & Murray LLP : Reminds Investors of the Deadline in the Class Action Lawsuit Against Nova Lifestyle, Inc.

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01/11/2019 | 09:08pm EDT

Glancy Prongay & Murray LLP (“GPM”) reminds investors of the February 26, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Nova Lifestyle, Inc. (“Nova Lifestyle” or the “Company”) (NASDAQ: NVFY) securities between December 3, 2015 and December 20, 2018, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On December 21, 2018, a report by Andri Capital indicated improper sales at Nova, alleging the company had “booked sales of over $50 million in recent years to two companies that either have been dissolved or do not exist” and that “other supposedly large customers of [Nova LifeStyle] do not seem to recognize doing business with Nova LifeStyle (possibly for over $60 million since 2011).” Following this news, Nova’s stock price fell sharply on December 21, 2018.

The complaint filed in this class action alleges that, the Company made false and misleading statements to the market. Nova Lifestyle mischaracterized its supposed “strategic alliance” with Shanxi Wangqing, which the Company claimed had named it lead designer provider of all furnishings for a $460 million senior center in China. Nova Lifestyle inflated its reported revenues in 2016 and 2017 in conjunction with Shanxi Wangqing and Merlino Lewis LLP. Based on these facts, the Company’s public statements were materially false and misleading at all relevant times.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased shares of Nova Lifestyle, you may move the Court no later than February 26, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

© Business Wire 2019
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Thanh H. Lam Chairman, President & Chief Executive Officer
Jeffery Chuang CFO & Principal Accounting Officer
Wilson Yiu Chief Technology Officer
Bin Liu Independent Director
Umesh Patel Independent Director
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