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NVFY.US
id: 783

Nova Lifestyle (NVFY) $0.75M Shareholder Settlement

C.D. California
Court
2:18-cv-10725-TJH
Case number
03 Dec 2015
Class period Start
20 Dec 2018
Class period End
07 Oct 2023
Claim deadline
Nova 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:
  1. 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;
  2. 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.
Case Status
Disbursement
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
Plaintiffs
George Barney
Attorneys
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
Trades matching type
FIFO
+$750,000
Cash Settlement Amount

Nova Lifestyle I

Nova LifeStyle, Inc., through its subsidiaries, designs, manufactures, markets, and sells residential and commercial furniture for middle and upper middle-income consumers worldwide. The company of...

    Ticker
    NVFY.US
    ISIN
    US66979P2011
    CIK
    1473334
    Sector
    Consumer Cyclical
    Industry
    Furnishings, Fixtures & Appliances
    Country
    USA
    Address
    6565 East Washington Boulevard, Commerce, CA, United States, 90040