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NVFY.US

id: 783

Nova Lifestyle (NVFY) $0.75M Shareholder Settlement

The settlement funds have been distributed to claimants.

$750,000

Cash Settlement

C.D. California

Court

2:18-cv-10725-TJH

Case number

12/03/2015

Class period Start

12/20/2018

Class period End

10/07/2023

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: 
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.

Case Status

Disbursed

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

12/28/2018

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

11/06/2023

Exclusion deadline

10/16/2023

Objection deadline

10/16/2023

Hearing deadline

10/16/2023

Trades matching type

FIFO

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