NEW YORK, Feb. 19, 2019 (GLOBE NEWSWIRE) -- Zhang Investor Law announces the filing of a class action lawsuit on behalf of shareholders who bought shares of Nova Lifestyle, Inc. (NASDAQ: NVFY) from December 3, 2015 through December 20, 2018, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Nova Lifestyle investors under the federal securities laws.
If you wish to serve as lead plaintiff, you must move the Court no later than February 26, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go http://zhanginvestorlaw.com/join-action-form/?slug=nova-lifestyle-inc&id=1651, or to discuss your rights or interests regarding this class action, please contact Sophie Zhang, Esq. or Spencer Lee toll-free at 800-991-3756 or email info@zhanginvestorlaw.com, slee@zhanginvestorlaw.com for information on the class action.
According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) Nova Lifestyle overstated its purported “strategic alliance” with Shanxi Wangqing to operate as lead designer and manufacturer for all furnishings in Shanxi Wangqing’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. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class has not been certified. You may retain counsel of your choice. You may take no action at this time and be an absent class member. Your ability to obtain a recovery is not dependent upon being a lead plaintiff.
Zhang Investor Law represents investors worldwide.
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