Nova Lifestyle, Inc. (NASDAQ: NVFY)

Join This Class Action

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP

Kevin Cooper, Esq.

Gregory Stone, Director of Case and Financial Analysis

Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com

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 classmember@whafh.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. 

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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 classmember@whafh.com.


Certification and Authorization Pursuant to Federal Securities Laws

  • The individual or entity listed below authorizes and, upon execution of the accompanying retainer agreement by Wolf Haldenstein Adler Freeman & Herz LLP, retains Wolf Haldenstein Adler Freeman & Herz LLP to file an action under the federal securities laws to recover damages and to seek other relief against Nova Lifestyle, Inc. (NASDAQ: NVFY). Wolf Haldenstein Adler Freeman & Herz LLP will prosecute the action on a contingent fee basis and will advance all costs and expenses. The Nova Lifestyle, Inc. (NASDAQ: NVFY) Retention Agreement provided to the Plaintiff is incorporated by reference, upon execution by Wolf Haldenstein Adler Freeman & Herz LLP.

  • I, individually or on behalf of the entity I represent ("I"), hereby certify as follows:

    1. I have reviewed the complaint and authorize the filing of a lead plaintiff motion or action on my behalf.
    2. I did not acquire the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this private action or any other litigation under the federal securities laws.
    3. I am willing to serve as a representative party on behalf of a class, including providing testimony at deposition and trial, if necessary.
    4. I represent and warrant that I am fully authorized to enter into and execute this certification.
    5. I will not accept any payment for serving as a representative party on behalf of the class beyond my pro rata share of any recovery, except such reasonable costs and expenses (including lost wages) directly relating to the representation of the class as ordered or approved by the court.
    6. I have made no transaction(s) during the Class Period in the debt or equity securities that are the subject of this action except those set forth below:
  • Type of SecurityBuy Date (mm/dd/yy)# of SharesPrice per Share 
    Add a new row
  • Type of SecuritySell Date (mm/dd/yy)# of SharesPrice per Share 
    Add a new row
  • Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

Date of signing: 02/17/2019