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Nova Lifestyle, Inc.

Case Summary

Nova Lifestyle, Inc. Securities Litigation

Case Summary

Case Status:    ONGOING    
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.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Furniture & Fixtures
Headquarters: United States

SECURITIES INFORMATION:

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.

COURT: C.D. California
DOCKET #: 18-CV-10725
JUDGE: Hon. Andre Birotte Jr.
DATE FILED: 12/28/2018
CLASS PERIOD START: 12/03/2015
CLASS PERIOD END: 12/20/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New Los Angeles)
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violation of the Federal Securities Laws 12/28/2018
2 Order Appointing Lead Plaintiffs and Lead Counsel 03/27/2019
3 U.S. District Court Civil Docket 03/28/2019

Reference Complaint

Richard Deutner, et al. v. Nova Lifestyle, Inc., et al.

COURT: C.D. California
DOCKET #: 18-CV-10725
JUDGE: Hon. Andre Birotte Jr.
DATE FILED: 06/18/2019
CLASS PERIOD START: 12/03/2015
CLASS PERIOD END: 12/20/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New Los Angeles)
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Amended Class Action Complaint for Violation of the Federal Securities Laws 06/18/2019
2 Order 12/02/2019
3 U.S. District Court Civil Docket 05/14/2020

Related District Court Filings

—Related District Court Filings Data is not available
 
 

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