Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Nova Lifestyle, Inc. Investors (NVFY)
LOS ANGELES--(BUSINESS WIRE)--Jan 9, 2019--Glancy Prongay & Murray LLP (“GPM”), a global investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired Nova Lifestyle, Inc. (“Nova Lifestyle” or the “Company”) (NASDAQ: NVFY ) securities between December 3, 2015 and December 20, 2018, inclusive (the “Class Period”). Nova Lifestyle investors have until February 26, 2019 to file a lead plaintiff motion.
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.
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If you purchased shares of Nova Lifestyle during the Class Period 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 email@example.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.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20190109005925/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 01/09/2019 08:36 PM/DISC: 01/09/2019 08:36 PM