Robbins Umeda LLP Announces the Filing of a Class Action Lawsuit Against NIVS IntelliMedia Technology Group, Inc.
April 01 2011 - 7:33PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm,
announces that a class action lawsuit has been filed on behalf of
all persons or entities who purchased the common stock of NIVS
IntelliMedia Technology Group, Inc. (AMEX: NIV) between March 24,
2010 and March 25, 2011 (the "Class Period").
NIVS engages in the design, manufacture, marketing, and sale of
consumer electronic products. NIVS is based in Huizhou, Guandgdong,
China and is incorporated in Delaware.
The lawsuit alleges that during the Class Period, NIVS violated
federal securities laws by issuing material misrepresentations to
the investing public concerning its business, operations, and
prospects. Specifically, defendants made false and/or misleading
statements and/or failed to disclose discrepancies in the company's
accounts receivables, that the company was engaged in improper acts
involving its accounting records and bank statements, and that the
company's financial results did not comply with Generally Accepted
Accounting Principles.
On March 24, 2011, trading of NIVS shares was unexpectedly
halted. On March 25, 2011, NIVS filed a Form 8-K with the U.S.
Securities and Exchange Commission stating its independent auditor,
Malone Bailey LLP, had resigned. According to NIVS, Malone Bailey
submitted its resignation on March 24, 2011, advising that it had
encountered issues and concerns that, in their view, required
additional information and procedures, including the initiation of
an independent investigation, to verify the accuracy of certain
transactions and balances recorded on the company's financial
statements and records. According to NIVS, Malone Bailey "based its
resignation on what it characterized [as] illegal acts involving
the Company's accounting records and bank statements and
discrepancies in accounts receivable."
If you purchased NIVS stock during the Class Period, you have
until May 28, 2011, to move for lead plaintiff. To discuss your
shareholder rights, please contact attorney Gregory E. Del Gaizo at
800-350-6003 or via the shareholder information form on our
website.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
law firm's skilled litigation teams include former federal
prosecutors, former defense counsel from top multinational
corporate law firms, and career shareholder rights attorneys. For
more information, please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/nivs/
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