Nova Lifestyle, Inc. (NASDAQ: NVFY)
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Tel: (800) 575-0735 or (212) 545-4774
NEW YORK, NY – January 8, 2019 – Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Nova Lifestyle, Inc. (“Nova” or the “Company”) (NASDAQ: NVFY) in the United States District Court for the Central District of California on behalf of a class consisting of investors who purchased or otherwise acquired securities of Nova between December 3, 2015 and December 20, 2018, both dates inclusive (the “Class Period”).
Investors who have incurred losses in the shares of Nova Lifestyle, Inc. are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774.
If you have incurred losses in the shares of Nova Lifestyle, Inc., you may, no later than February 26, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Nova Lifestyle, Inc.
The filed Complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that:
- Nova Lifestyle overstated its purported “strategic alliance” with Shanxi Wanqing to operate as lead designer and manufacturer for all furnishings in Shanxi Wanqing’s planned $460 million senior care center in China;
- Nova Lifestyle inflated its reported sales in 2016 and 2017 with Shanxi Wanqing and Merlino Lewis LLP; and
- as a result, Nova Lifestyle’s public statements were materially false and misleading at all relevant times.
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 over 40% on December 21, 2018.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at firstname.lastname@example.org.