Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased NIVS IntelliMedia Technology Group, Inc., Announces Class ...
30 Marzo 2011 - 3:30AM
Business Wire
Notice is hereby given that Glancy Binkow & Goldberg LLP has
filed a class action lawsuit in the United States District Court
for the Central District of California on behalf of a class
consisting of all persons or entities who purchased the securities
NIVS IntelliMedia Technology Group, Inc. ("NIVS" or the "Company")
(NYSE Amex:NIV), between March 24, 2010 and March 25, 2011,
inclusive (the “Class Period”).
A copy of the Complaint is available from the court or from
Glancy Binkow & Goldberg LLP. Please contact us by phone to
discuss this action or to obtain a copy of the Complaint at (310)
201-9150 or Toll Free at (888) 773-9224, by email at
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
The Complaint charges NIVS and certain of the Company’s
executive officers with violations of federal securities laws. NIVS
is an integrated consumer electronics company that designs,
manufactures, markets and sells intelligent audio and video
products and mobile phones in China, Greater Asia, Europe and North
America. The Complaint alleges that throughout the Class Period
defendants knew or recklessly disregarded that their public
statements concerning NIVS’s business, operations and prospects
were materially false and misleading. Specifically, the defendants
made false and/or misleading statements and/or failed to disclose:
(1) that the Company had inaccurately recorded certain
transactions; (2) that there were discrepancies in the Company's
accounts receivables; (3) that the Company was engaged in improper
acts involving the Company's accounting records and bank
statements; (4) that, as a result, the Company's financial results
were not prepared in accordance with Generally Accepted Accounting
Principles; (5) that the Company lacked adequate internal controls;
and (6) that, as a result of the foregoing, the Company's financial
results were false and misleading at all relevant times.
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.
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 ("MaloneBailey"). Further,
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.
Moreover, MaloneBailey informed the Company in a letter of
resignation 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
Company, MaloneBailey "based its resignation on what it
characterized illegal acts involving the Company's accounting
records and bank statements and discrepancies in accounts
receivable."
Plaintiff seeks to recover damages on behalf of class members
and is represented by Glancy Binkow & Goldberg LLP, a law firm
with significant experience in prosecuting class actions, and
substantial expertise in actions involving corporate fraud.
If you are a member of the class described above, you may move
the Court, no later than 60 days from the date of this Notice, to
serve as lead plaintiff; however, you must meet certain legal
requirements. If you wish to discuss this action or have any
questions concerning this Notice or your rights or interests with
respect to these matters, please contact Michael Goldberg, Esquire,
of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars,
Suite 311, Los Angeles, California 90067, by telephone at (310)
201-9150 or Toll Free at (888) 773-9224, by e-mail to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
Grafico Azioni Nivs Intellimedia Technology Grp., Common Stock (AMEX:NIV)
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Grafico Azioni Nivs Intellimedia Technology Grp., Common Stock (AMEX:NIV)
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