Lieff, Cabraser, Heimann & Bernstein, LLP Announces Class Action Lawsuits Against NIVS Intellimedia Technology Group, Inc. (NIV)
April 15 2011 - 7:00AM
Business Wire
The law firm of Lieff, Cabraser, Heimann & Bernstein, LLP
announces that class action lawsuits have been brought on behalf of
all persons who purchased the securities of NIVS Intellimedia
Technology Group, Inc. (“NIVS” or the “Company”) between March 24,
2010 and March 25, 2011, inclusive (the “Class Period”), including
all persons who purchased NIVS common stock pursuant and/or
traceable to the Company’s secondary offering on or around April
20, 2010 (the “Secondary Offering”).
If you purchased NIVS securities during the Class Period and/or
pursuant or traceable to the Secondary Offering, you may move the
Court for appointment as lead plaintiff by no later than May 30,
2011. A lead plaintiff is a representative party who acts on behalf
of other class members in directing the litigation. Your share of
any recovery in the actions will not be affected by your decision
of whether to seek appointment as lead plaintiff. You may retain
Lieff Cabraser, or other attorneys, as your counsel in the
actions.
NIVS shareholders who wish to learn more about the actions and
how to seek appointment as lead plaintiff may visit Lieff
Cabraser’s website
at http://www.lieffcabraser.com/securities-investor-fraud/case/457/nivs-intellimedia-technology-group-inc-securities-class-litigation or
contact Sharon M. Lee of Lieff Cabraser toll free at (800)
541-7358.
Background on NIVS Securities Class
Litigation
The actions are brought against NIVS, certain of NIVS’s officers
and directors, and the underwriters of NIVS’s Secondary Offering
for violations of the Securities Act of 1933 and the Securities
Exchange Act of 1934. NIVS, headquartered in Huizhou City,
Guangdong in the People’s Republic of China, is engaged in the
design, manufacture, marketing and sale of consumer electronic
products, which consist primarily of audio and video products and
mobile phones.
The actions allege that during the Class Period, defendants
misrepresented and omitted material information regarding NIVS’s
financial condition. Specifically, defendants failed to disclose
that NIVS engaged in illegal and improper accounting practices
involving its accounting records, bank statements, and accounts
receivable, and that NIVS’s financial statements were therefore
materially false and misleading.
On March 24, 2011, NYSE Regulation, Inc. announced a trading
halt in NIVS common stock pending its evaluation of “both the need
for certain public disclosure, as well as the overall suitability
for continued listing of the Company’s common stock.”
On March 25, 2011, NIVS filed a Form 8-K with the Securities and
Exchange Commission in which it disclosed that its Audit Committee
had approved the dismissal of NIVS’s independent auditor,
MaloneBailey, LLP, effective immediately. According to the Form
8-K, on March 23, 2011, MaloneBailey notified the Audit Committee
that it had encountered “issues and concerns” that “required
additional information and procedures, including the initiation of
an independent investigation, in order to verify the accuracy of
certain transactions and balances recorded on the Company’s
financial statements and records for the year ended December 31,
2010.” The Form 8-K also stated that on March 24, 2011,
MaloneBailey submitted a letter of resignation to NIVS and
explained that the basis of its resignation was “illegal acts
involving the Company's accounting records and bank statements and
discrepancies in accounts receivable.” MaloneBailey also indicated
that “it is unable to rely on management's representations as they
relate to previously issued financial statements and it could no
longer support its audit opinion dated March 24, 2010, related to
its audit of the consolidated financial statements of the Company
and its subsidiaries as of December 31, 2009, included in the
Company's annual report on Form 10-K for the fiscal year ended
December 31, 2009.”
Lieff, Cabraser, Heimann & Bernstein, LLP, with offices in
San Francisco, New York and Nashville, is a nationally recognized
law firm committed to advancing the rights of investors and
promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser
as one of the top plaintiffs’ law firms in the nation. In compiling
the list, the National Law Journal examined recent verdicts and
settlements in addition to overall track records. Lieff Cabraser is
one of only two plaintiffs’ law firms in the United States to
receive this honor for the last eight consecutive years.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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