Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in NIVS IntelliMedia Technology Group, I
07 April 2011 - 11:24PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Central District of California on behalf of
purchasers of the common stock of NIVS IntelliMedia Technology
Group, Inc. ("NIVS" or the "Company") (NYSE Amex: NIV) during the
period between March 24, 2010 and March 25, 2011, inclusive (the
"Class Period").
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than May 31, 2011 and be selected by the Court.
The lead plaintiff will direct the litigation and participate in
important decisions including whether to accept a settlement and
how much of a settlement to accept for the Class in the action. The
lead plaintiff will be selected from among applicants claiming the
largest loss from investment in the Company during the Class
Period. You are not required to have sold your shares to seek
damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the Company's failure
to disclose during the Class Period that the Company had
inaccurately recorded certain transactions; that there were
discrepancies in the Company's accounts receivables; and that the
Company was engaged in improper acts involving the Company's
accounting records and bank statements. According to the complaint:
(1) on March 24, 2011, NYSE Regulation, Inc., a subsidiary of NYSE
Euronext -- the holding company that owns and operates the American
Stock Exchange ("AMEX") -- unexpectedly announced that it was
implementing a trading halt in the common stock of NIVS and
evaluating both the need for certain public disclosures and the
overall suitability for continued listing of the Company's common
stock; (2) on March 25, 2011, the Company filed a Current Report
with the SEC on Form 8-K that disclosed that the Audit Committee of
the Board of the Directors had approved the dismissal of NIVS's
independent auditor, MaloneBailey LLP; and (3) the Company
indicated that on March 23, 2011, MaloneBailey had provided a
letter to the Audit Committee, advising that the independent
auditor had encountered issues and concerns that, in their view,
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 and that they "were
unable to rely on management's representations as they relate to
previously issued financial statements and (they) could no longer
support its audit opinion dated March 24, 2010, related to (their)
audit of 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." According to the complaint, the Company indicated that
MaloneBailey "based its resignation on what it characterized
illegal acts involving the Company's accounting records and bank
statements and discrepancies in accounts receivable." As alleged in
the complaint, trading in NIVS shares was halted on or about March
24, 2011.
If you have suffered a net loss for all transactions in NIVS
IntelliMedia Technology Group, Inc. common stock during the Class
Period, you may obtain additional information about this lawsuit
and your ability to become a lead plaintiff by contacting Brower
Piven at www.browerpiven.com, by email at hoffman@browerpiven.com,
by calling 410/415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 60 years. If you choose
to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your
choice. You need take no action at this time to be a member of the
class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Stevenson, Maryland 410/415-6616 Email Contact
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