Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased NIVS IntelliMedia Technology Group, Inc. Co...
20 Abril 2011 - 3:52PM
Business Wire
Dyer & Berens LLP (www.DyerBerens.com) today announced that
it has filed a class action lawsuit in the United States District
Court for the Southern District of New York on behalf of investors
who purchased NIVS IntelliMedia Technology Group, Inc. (“NIVS” or
the “Company”) (AMEX: NIV) common stock between March 24, 2010 and
March 25, 2011, inclusive (the “Class Period”).
What actions may I take at this time? If you purchased
during the Class Period and wish to serve as a lead plaintiff, you
must request appointment by the court no later than May 30, 2011. If you would like to discuss this
action, the lead plaintiff process, or have any questions
concerning this notice, please contact plaintiff’s counsel, Jeffrey
A. Berens, Esq., at (888) 300-3362 x302 or via email at
jeff@dyerberens.com. Any member of the putative class may request a
lead plaintiff appointment through counsel of its choice or may
choose to do nothing and remain an absent class member.
What are the allegations in the complaint? NIVS is an
integrated consumer electronics company that designs, manufactures,
markets and sells intelligent audio and video products and mobile
phones in China, Greater Asia, Europe and North America. According
to the complaint, during the Class Period, defendants made false
and/or misleading statements and failed to disclose material
adverse facts about the Company’s business, operations, and
prospects, including that the Company: (i) had inaccurately
recorded certain transactions; (ii) had discrepancies in its
accounts receivables; (iii) was engaged in illegal acts involving
its accounting records and bank statements; (iv) failed to record
its financial results in accordance with GAAP; and (v) lacked
adequate internal controls.
On March 25, 2011, the Company filed a Form 8-K with the SEC
that disclosed that the Audit Committee of the Board of Directors
had approved the dismissal of NIVS’s independent auditor,
MaloneBailey LLP. According to the Company, MaloneBailey “based its
resignation on what it characterized [as] illegal acts involving
the Company’s accounting records and bank statements and
discrepancies in accounts receivable.”
Based upon the foregoing, the complaint charges NIVS and certain
of its officers and directors with violations of the federal
securities laws.
About Dyer & Berens LLP. The plaintiff is represented
by Dyer & Berens LLP (www.DyerBerens.com), which has expertise
in prosecuting investor class actions involving financial fraud.
The firm’s extensive experience in securities litigation,
particularly in cases brought under the Private Securities
Litigation Reform Act, has contributed to the recovery of hundreds
of millions of dollars for aggrieved investors.
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