On or around 05/14/2020 (Date of last review)
Filing Date: December 28, 2018
According to the Complaint, Nova Lifestyle purports to design, manufacture, and sell residential and commercial furniture to middle and upper middle-income consumers worldwide.
The Complaint alleges that throughout the Class Period, Defendants 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 (3) as a result, Nova Lifestyle’s public statements were materially false and misleading at all relevant times.
On March 27, 2019, the Court issued an Order appointing Lead Plaintiffs and Lead Counsel. Lead Plaintiff filed an amended Complaint on June 18. Defendants filed a Motion to Dismiss the amended Complaint on August 2. On December 2, the Court issued an Order denying Defendants' Motion to Dismiss.
Company & Securities Information
Defendant: Nova Lifestyle, Inc.
Sector: Consumer Cyclical
Industry: Furniture & Fixtures
Headquarters: United States
Ticker Symbol: NVFY
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
George Barney, et al. v. Nova Lifestyle, Inc., et al.