A lawsuit was filed on behalf of investors in Nova LifeStyle, Inc. (NASDAQ: NVFY) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 01/16/2019 -- An investor, who purchased shares of Nova LifeStyle, Inc. (NASDAQ: NVFY), filed a lawsuit over alleged Securities Laws violations by Nova LifeStyle, Inc. in connection with certain allegedly false and misleading statements.
Investors in shares of Nova LifeStyle, Inc. (NASDAQ: NVFY) have certain options and for certain investors are short and strict deadlines running. Deadline: February 26, 2019. NASDAQ: NVFY investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff claims that between December 3, 2015 and December 20, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Nova Lifestyle overstated its purported "strategic alliance" with Shanxi Wanginq to operate as lead designer and manufacturer for all furnishings in Shanxi Wanginq's planned $460 million senior care center in China, that Nova Lifestyle inflated its reported sales in 2016 and 2017 with Shanxi Wangqing and Merlino Lewis LLP, and that as a result, Nova Lifestyle's public statements were materially false and misleading at all relevant times.
On December 21, 2018, an article was published reporting evidence of allegedly fictitious sales at Nova LifeStyle, Inc. . Based on the article's research , Nova LifeStyle, Inc. "booked sales of over $50 million in recent years to two companies that either have been dissolved or do not exist[.]" The report also stated 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)."
Those who purchased shares of Nova LifeStyle, Inc. (NASDAQ: NVFY) have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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