Nova Lifestyle, Inc.
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NOVA LIFESTYLE (NVFY) INVESTIGATION: HALPER SADEH LLP ANNOUNCES IT IS INVESTIGATING WHETHER NOVA LIFESTYLE, INC. MANAGEMENT BREACHED THEIR FIDUCIARY DUTIES TO SHAREHOLDERS – NVFY
April 19, 2019.
New York, New York—Halper Sadeh LLP, a global investor rights law firm, announces it is investigating potential breaches of fiduciary duties by management of Nova Lifestyle, Inc. (“Nova” or the “Company”) (NASDAQ: NVFY) resulting from allegations that management may have issued materially misleading business information to the investing public.
On December 21, 2018, Andri Capital issued a report on Seeking Alpha stating that Nova Lifestyle’s revenues in 2016 and 2017 were overstated. The report also claimed that Nova Lifestyle overstated its purported “strategic alliance” with Shanxi Wanqing to operate as its lead design and manufacturer for all furnishings in a $460 million senior care center in China. On this news, Nova Lifestyle shares fell $0.31 per share or over 40% to close at $0.46 per share on December 21, 2018.
Following this news, on December 28, 2018, Nova Lifestyle and certain of its officers were sued for allegedly violating the federal securities laws. Halper Sadeh LLP’s investigation focuses on whether Nova Lifestyle’s management breached their fiduciary duties to Nova Lifestyle shareholders.
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