Saxena White P.A. Files a Securities Fraud Class Action Against NIVS IntelliMedia Technology Group, Inc.
09 Abril 2011 - 12:58AM
Marketwired
Saxena White P.A. announces that it has filed a class action
lawsuit in the United States District Court for the Central
District of California on behalf of investors who purchased NIVS
IntelliMedia Technology Group, Inc. ("NIVS IntelliMedia" or the
"Company") (NYSE Amex: NIV) common stock between the period of
March 24, 2010 and March 25, 2011, inclusive (the "Class Period"),
and/or who directly purchased shares on the Secondary Stock
Offering on April 20, 2010.
The Complaint filed by Saxena White asserts violations of the
federal securities laws against NIVS and its officers and
directors, along with the underwriters of the Secondary Stock
Offering, 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." The auditors 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.
You may obtain a copy of the complaint and join the class action
at www.saxenawhite.com. If you purchased the common stock of NIVS
IntelliMedia between the period of March 24, 2010 and March 25,
2011, inclusive (the "Class Period"), and/or directly purchased
shares on the Secondary Stock Offering on April 20, 2010, you may
contact Greg Stone or Joe White at Saxena White P.A. to discuss
your rights and interests.
If you purchased NIVS IntelliMedia shares during the Class
Period and wish to apply to be the lead plaintiff in this action, a
motion on your behalf must be filed with the Court no later than
Tuesday, May 31, 2011. You may contact Saxena White P.A. to discuss
your rights regarding the appointment of lead plaintiff and your
interest in the class action. Please note that you may also retain
counsel of your choice and need not take any action at this time to
be a class member.
Saxena White P.A., which has offices in Boca Raton, Boston and
Montana, specializes in prosecuting securities fraud and complex
class actions on behalf of institutions and individuals. Currently
serving as lead counsel in numerous securities fraud class actions
nationwide, the firm has recovered hundreds of millions of dollars
on behalf of injured investors and is active in major litigation
pending in federal and state courts throughout the United
States.
Greg Stone gstone@saxenawhite.com Joseph E. White, III
jwhite@saxenawhite.com Saxena White P.A. 2424 North Federal
Highway, Suite 257 Boca Raton, FL 33431 Tel: (561) 394-3399 Fax:
(561) 394-3382 www.saxenawhite.com
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