The Shuman Law Firm Announces the Filing of a Class Action Lawsuit against NIVS IntelliMedia Technology Group, Inc.
April 11 2011 - 9:00PM
Business Wire
The Shuman Law Firm today announced that a class action lawsuit
has been filed 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") (AMEX:NIV) common stock between the period of March 24,
2010 and March 25, 2011, inclusive (the "Class Period").
If you wish to discuss this action or have any questions
concerning this notice or your rights and interests with respect to
this matter, please contact Kip B. Shuman or Rusty E. Glenn
toll-free at (866) 974-8626 or email Mr. Shuman at
kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Complaint asserts violations of the federal securities laws
against NIVS IntelliMedia and its officers and directors for
allegedly 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." According to the Company, MB "based its
resignation on what it characterized illegal acts involving the
Company's accounting records and bank statements and discrepancies
in accounts receivable." Since March 24, 2011, trading in the
Company's stock has been halted.
If you purchased NIVS IntelliMedia common stock during the Class
Period, you may request that the Court appoint you as lead
plaintiff of the class no later than May 31, 2011. A lead plaintiff
is a class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any
recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class
members.
The Shuman Law Firm represents investors throughout the nation,
concentrating its practice in securities class actions and
shareholder derivative actions.
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