NVFY.US
id: 783
Nova Lifestyle (NVFY) $0.75M Shareholder Settlement
C.D. California
Court 2:18-cv-10725-TJH
Case number12/03/2015
Class period Start12/20/2018
Class period End10/07/2023
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.
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
+$750,000
Cash Settlement Amount