LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Nova Lifestyle, Inc. (“Nova Lifestyle” or “the Company”) (NASDAQ: NVFY) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Andri Capital publish an article on December 21, 2018, detailing its research on Nova Lifestyle. According to the article, the Company “booked sales of over $50 million in recent years to two companies that either have been dissolved or do not exist.” The report showed additional evidence of false sales at Nova Lifestyle, stating: “other supposedly large customers of [Nova Lifestyle] do not seem to recognize doing business with Nova Lifestyle (possibly for over $60 million since 2011).” Based on this news, shares of Nova Lifestyle fell more than 32% the same day.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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