Rosen Law Firm Representing Shareholders Files Class Action Charging NIVS IntelliMedia Technology Group, Inc. With Securities Fr
02 Abril 2011 - 12:45AM
Marketwired
The Rosen Law Firm, P.A. today announced that it has filed a class
action lawsuit on behalf of investors who purchased securities of
NIVS IntelliMedia Technology Group, Inc. (NYSE Amex: NIV) during
the period from March 24, 2010 through March 25, 2011 (the "Class
Period"), seeking to recover damages for violations of federal
securities laws. The action also includes purchasers of the
Company's stock through the Company's public offering that closed
on April 23, 2010.
To join the NIVS class action, visit the firm's website at
http://rosenlegal.com, or call Laurence Rosen, Esq. or Phillip Kim,
Esq., toll-free, at 866-767-3653; you may also email
lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the
class action. The case filed by the Rosen Law Firm is pending in
the U.S. District Court for the Central District of California.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN
AN ABSENT CLASS MEMBER.
The Complaint asserts violations of the federal securities laws
against NIVS and its officers and directors for misrepresenting the
true financial condition of the Company. On March 25, 2011 the
Company filed an 8-K with the SEC revealing that the Company's
auditor MaloneBailey LLP ("MB") had resigned in connection with
"significant difficulties encountered during the 2010 audit." MB
"suspected accounting irregularities and fraud at NIVS." As a
result, the Company announced that its financial statements
included in the Company's annual report for the year ended December
31, 2009 and interim periods for the first three quarters of 2010
should not be relied upon by investors. MB also found that it could
no longer rely upon the Company's management representations. Since
March 24, 2011 trading in the Company's stock has been halted,
effectively rendering the Company's stock illiquid and damaging
investors.
If you wish to serve as lead plaintiff, you must move the Court
no later than May 30, 2011. A lead plaintiff is a representative
party acting on behalf of other class members in directing the
litigation. If you wish to join the litigation, or to discuss your
rights or interests regarding this class action, please contact
Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm,
toll-free, at 866-767-3653, or via e-mail at lrosen@rosenlegal.com
or pkim@rosenlegal.com. You may also visit the firm's website at
http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
Contact: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law
Firm P.A. 275 Madison Avenue, 34th Floor New York, New York 10016
Tel: (212) 686-1060 Weekends Tel: (917) 797-4425 Toll Free:
1-866-767-3653 Fax: (212) 202-3827 Email Contact Email Contact
www.rosenlegal.com
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