NVFY.US
id: 783, Created by Stan Vick, Scout
Nova Lifestyle (NVFY) $0.75M Shareholder Settlement
How it works?
- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
Claim payout
C.D. California
Court 2:18-cv-10725-TJH
Case number03 Dec 2015
Class period Start20 Dec 2018
Class period End07 Oct 2023
Claim deadlineNova Lifestyle (NVFY) agreed to settle $0.75 million with shareholders.
The Complaint alleged that the Company and its Leaders 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;
- Nova Lifestyle inflated its reported sales in 2016 and 2017 with Shanxi Wangqing and Merlino Lewis LLP; and
As a result, Nova Lifestyle's public statements were materially false and misleading at all relevant times.
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management,
Service Provider
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.155
Filing date
28 December 2018
Lead plaintiff
George Barney
Attorney
The Rosen Law Firm
Defendants
Thanh H. Lam, Jeffery Chuang, Ya Ming Wong, Yuen Ching Ho
Judge
Hon. Andre Birotte Jr
Administrator
Strategic Claims Services
Court hearing date
06 November 2023
Exclusion deadline
16 October 2023
Objection deadline
16 October 2023
Hearing deadline
16 October 2023
+$750,000
Total Settlement Amount